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CONVERGE TECHNOLOGY SOLUTIONS Converge Technology Solutions Reports Fourth Quarter and Fiscal Year 2020 Financial Results FOR IMMEDIATE RELEASE - - March 9th , 2021 TORONTO , ONTARIO , CANADA and GATINEAU , QUÉBEC , CANADA Converge Technology Solutions Corp. ( " Converge " or " the Company " ) ( TSX : CTS ) ( FSE : OZB ) ( OTCQX : CTSDF ) a national platform of regionally focused Hybrid IT solution providers in the U.S. and Canada , is pleased to provide its financial results for the three and twelve month periods ended December 31 , 2020. All figures are in CAD dollars unless otherwise stated . Q420 & FY20 Highlights ப Fourth quarter revenue increased 35 % over the last year to $ 289.6 million and annual revenue increased 38 % to $ 948.8 million Fourth quarter adjusted EBITDA increased 98 % over the last year to $ 23.4 and annual adjusted EBITDA increased 92 % to $ 60.5 million Fourth quarter net income was $ 1.0 million and annual net loss was $ 4.2 million Strengthened the balance sheet with $ 109 million of equity raised in 2020 Completed front office integration of 12 subsidiaries , resulting in over $ 20 million of estimated annualized cost savings Closed a three - year committed $ 140 million revolving credit facility that will result in over $ 8 million in estimated annual interest cost savings Completed five acquisitions in 2020 including Quebec - based PCD Solutions , Inc. , Texas - based Unique Digital , Inc. , Missouri - based Workgroup Connections , Inc. , Saskatchewan - based Vivvo Applications Studio LTD . , and US Northeast - based Vicom Computer Services , Inc. Ranked as fastest growing Company on the 2020 CRN Fast Growth 150 List ; named Red Hat Rising Star Partner of the Year ; awarded 2020 Ingram Micro Cloud Reseller Partner of the Year North America ; achieved Network Virtualization and Cloud Management & Automation VMware Master Competencies ; achieved Titanium Partner status with Dell Technologies ; and received Cisco CX Specialization Status Subsequent to Quarter in 2021 ☐ ☐ Closed $ 86.5 million equity financing at $ 4.85 per common share in January 2021 Recognized as a top - performing Company on the OTCQX Best 50 List and the TSX Venture 50 List for 2 years in a row Graduated to the TSX from the TSX Venture Exchange on February 11th , 2021 Completed two acquisitions including Carpe Datum LLC , an Al and analytics specialist and Accudata Systems , Inc. , a cybersecurity and managed services provider 1