Convergence Networks

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Convergence Networks - overview

Established

2000

Location

Portland, OR, US

Primary Industry

Outsourcing

About

Convergence Networks provides managed IT services, specializing in co-managed IT solutions, cybersecurity, and cloud management, aimed at enhancing operational efficiency for businesses across various industries. Convergence Networks, founded in 2000 in Portland, US, focuses on delivering managed IT services. The company merged with Grade A in December 2020 to form Grade A / Convergence Networks. This merger allows for expanded service offerings and improved technical support.


The company is co-founded by Eric Gray and Mathew Lafrance, with Chris Remy currently serving as CEO. Eric Gray has a history of founding other tech ventures. Convergence Networks offers a comprehensive suite of managed IT services, including IT support, proactive monitoring, and preventive maintenance. Their core product offerings encompass co-managed IT solutions, enabling businesses to retain their in-house IT staff while augmenting capacity.


They provide customized IT helpdesk solutions, scalable network support, and comprehensive backup and disaster recovery services tailored to industries such as construction, financial services, healthcare, and legal sectors. Their cybersecurity services include managed security, Zero Trust security, and compliance solutions designed to address clients' specific needs, enhancing operational efficiency and facilitating smooth cloud migrations. Convergence Networks generates revenue primarily through a subscription-based model, engaging clients in long-term partnerships for managed IT services, cybersecurity solutions, and cloud management. Clients typically sign service agreements that detail the scope of services, with pricing plans designed to be flexible and scalable based on their specific needs.


Flagship offerings such as managed security services and IT compliance solutions are structured to provide ongoing, value-driven support aligned with industry regulations and client requirements. Following the merger in December 2020, Convergence Networks plans to leverage enhanced service capabilities and greater time-zone coverage. They aim to expand their service offerings and client reach in North America. Recent funding will be utilized to support this expansion and to increase their technical engineering capabilities, ensuring they can meet the evolving needs of their clients as they broaden their market presence.


Current Investors

Grade A / Convergence Networks / Application Specialist Kompany

Primary Industry

Outsourcing

Sub Industries

Offshore IT Services/IT Outsourcing, IT Infrastructure

Website

www.convergencenetworks.com

Company Stage

Merged

Total Amount Raised

Subscriber access only

Convergence Networks - deals

Deals TypeDeal StatusTarget (s)Deal DateInvestor(s)Seller(s)Deal size (Mn)Enterprise value (Mn)Post-money valuation (Mn)EBITDA multiple (x)Revenue multiple (x)Lead partner (s)
Add-onCompletedCertinet Systems-
Add-onCompletedClear Concepts-
MergerCompletedConvergence Networks, Grade A-
BuyoutCompletedConvergence Networks-

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