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CONVERGE TECHNOLOGY SOLUTIONS Converge Technology Solutions Reports Third Quarter 2021 Financial Results Company Reports Record Cashflow from Operations FOR IMMEDIATE RELEASE November 10 , 2021 - TORONTO , ONTARIO , CANADA and GATINEAU , QUÉBEC , CANADA - Converge Technology Solutions Corp. ( " Converge " or " the Company " ) ( TSX : CTS ) ( FSE : OZB ) ( OTCQX : CTSDF ) is pleased to provide its financial results for the three and nine months ended September 30 , 2021. All figures are in Canadian dollars unless otherwise stated . Q321 Highlights ㅁㅁ ப ☐ ☐ Third quarter revenue increased 93 % over last year to $ 367.3 million Gross profit increased 60 % over last year to $ 83.8 million Adjusted EBITDA increased 29 % to $ 18.9 million from $ 14.6 million last year Record cashflow generated from operations of $ 48.1 million ; an increase of 86 % from $ 25.9 million compared to last year ARR from managed services increased by 34 % to $ 81.1 million from $ 60.7 million last year Completed acquisition of REDNET AG , an IT service provider headquartered in Mainz , Germany marking the Company's official expansion into Europe Closed the previously announced acquisitions of Vicom Infinity , Inc. and Infinity Systems Software two world class providers of IBM mainframe solutions and IBM software and services - Announced as Ingram Micro's Blue Series Partner of the Year and CORE Partner of the Year for North America ; Received Ingram Micro Cloud Reseller of the Year for the second consecutive year ; Secured the 2021 North American Microsoft Surface Reseller of the Year ; and Ranked fourteenth on CRN's 2021 Fast Growth 150 List Closed $ 259 million equity financing at $ 10.55 per common share in September 2021 Added to the S & P / TSX Composite Index effective prior to market open on Monday , September 20 , 2021 Subsequent to Quarter Completed the acquisition of LPA Software Solutions , a provider of business analytics and professional services in analytics , data science , artificial intelligence , financial performance management , data governance , data integration , location analytics , and data sets Announced a new Google Cloud Marketplace Solution allowing Converge to offer managed services to IBM and Google clients across North America and Europe 1