A syndicate of banks led by Canadian Imperial Bank of Commerce provided a $140 million revolving credit facility to Converge Technology Solutions, a software and IT solutions provider,
“This move strengthens our cash flow from operations and significantly increases our financial flexibility,” Shaun Maine, CEO of Converge, said. “We have materially strengthened our balance sheet throughout 2020 and this new credit facility is a reflection of our improved financial position. The cost savings will allow us to continue to make acquisitions and further investments in our analytics, cloud, cybersecurity and managed services offerings.”
