Brookfield-based Paragon Development Systems, Inc. has been acquired by Toronto-based Converge Technology Solutions Corp. Terms of the deal were not disclosed.
A press release from Converge Technology Solutions Corp. states that consideration for the purchase consisted of $52 million in cash paid at closing. Positive net working capital was also paid out at closing.
Paragon Development Systems (PDS) offers data center technologies, end-user technologies, a service desk, a staff augmentation service, an identity and access management product, and a managed services capability. PDS advises clients as they work to upgrade and modernize their core business technology infrastructure. Their clients are primarily in the health care, public sector and corporate markets.
Converge is a software-enabled IT and cloud solutions provider.
“PDS's knowledge and proficiency in the health care space will enhance Converge’s ability to deliver enterprise solutions and managed services to our clients in this sector across North America,” said Shaun Maine, chief executive officer of Converge. “Additionally, PDS’s presence in the central region will give us more scale across Wisconsin, Illinois, and Minnesota to help us continue to meet the requirements of our clients in these areas.”