ConvergeOne has agreed to acquire Ridgeland, Mississippi-based Venture Technologies, a solutions integrator. No financial terms were disclosed. WhiteLight Group, which was acquired by Venture Technologies in 2016, will not be included in the transaction. Venture Technologies is a portfolio company of FlatWorld Capital.
NEW YORK (PRWEB) DECEMBER 13, 2018
Venture Technologies, Inc., a leading solutions integrator headquartered in Ridgeland, Mississippi, recently announced its planned sale to ConvergeOne Holdings, Inc. (Nasdaq: CVON), a leading global IT services provider of collaboration and technology solutions, with a press release issued by ConvergeOne on Tuesday December 11th. WhiteLight Group, a business application consulting entity acquired by Venture Technologies in 2016, is not included in this transaction. Venture Technologies delivers premise infrastructure solutions, collaboration solutions, and cloud services to businesses nationwide. Completion of the transaction is expected to occur within 30 days.
ConvergeOne serves as a trusted advisor to more than 10,400 customers, including 62 percent of the Fortune 100 and 48 percent of the Fortune 500 customers across the healthcare, finance, manufacturing, education, and energy industries.
Growth through acquisition is an integral part of ConvergeOne’s long-term business strategy to develop a comprehensive portfolio that provides one of the broadest and deepest solution offers in the industry.
“Venture Technologies’ 32 years of success is grounded in the principles of honoring commitments and treating our staff, customers and technology partners with integrity and respect,” said Gerard Gibert, CEO, Venture Technologies. “From initial discussions with ConvergeOne, it was evident that our companies share these values. By joining ConvergeOne, our customers will gain access to a broader solutions portfolio, and our staff will have access to expanded opportunities afforded by a growing, nationwide organization. We are thrilled to be joining the ConvergeOne team.”
Jeffrey Valenty, Managing Partner of FlatWorld Capital and Board Member of Venture Technologies, added, “The success we have achieved working alongside Venture Technologies’ team in combining five technology and cloud solutions providers since August 2014 is a prime example of our buy-and-build strategy. Together with management, we transformed Venture Technologies into a national IT solutions provider, achieving approximately 10x EBITDA growth since 2014 and ultimately maximizing shareholder value through this transaction. We are proud to have partnered with the Venture Technologies’ team and look forward to watching the company’s continued growth as an integral part of ConvergeOne. We are also excited about the growth prospects for the business applications practice of WhiteLight Group and look forward to continuing to grow that business in partnership with its management.”
About Venture Technologies
Venture Technologies, Inc. is a premier IT solutions provider that delivers Premise Infrastructure Solutions, Collaboration Solutions and, VTCloud® Services and Business Applications Consulting Services to private and public organizations throughout the United States and abroad. Venture Technologies offers a powerful convergence of technology infrastructure and business applications, providing expanded services, security and reliability. More information is available at http://www.ventech.com.
About FlatWorld Capital
FlatWorld Capital is a global private equity investment firm led by a team of entrepreneurial investment professionals with over eight decades of experience in finding and structuring innovative and creative capital solutions. We bring financial capital, operational expertise, and global relationships to create long-term value. Our partners have collectively generated more than $10 billion in capital gains from our investments. More information is available at http://www.flatworldcapital.com.
Founded in 1993, ConvergeOne is a leading global IT services provider of collaboration and technology solutions for large and medium enterprises with decades of experience assisting customers to transform their digital infrastructure and realize a return on investment. Over 10,400 enterprise and mid-market customers trust ConvergeOne with collaboration, enterprise networking, data center, cloud and security solutions to achieve business outcomes. Our investments in cloud infrastructure and managed services provide transformational opportunities for customers to achieve financial and operational benefits with leading technologies. ConvergeOne has partnerships with more than 300 global industry leaders, including Avaya, Cisco, IBM, Genesys and Microsoft to customize specific business outcomes. We deliver solutions with a full lifecycle approach including strategy, design and implementation with professional, managed and support services. ConvergeOne holds more than 6,000 technical certifications across hundreds of engineers throughout North America including three Customer Success Centers. More information is available at convergeone.com.