ConvergeOne Holdings, Inc. (Nasdaq: CVON), a global IT and managed services provider of collaboration and technology solutions, has entered into a definitive agreement to be acquired by affiliates of CVC Fund VII in an all-cash transaction valued at approximately $1.8 billion.
Subject to customary closing conditions and regulatory approvals, ConvergeOne expects the transaction to close in the fourth quarter of 2018 or the first quarter of 2019.
The company will maintain its corporate headquarters in Eagan, MN and continue to be led by John A. McKenna Jr., Chairman and Chief Executive Officer and its current executive team.
Founded in 1993, ConvergeOne is a global IT services provider of collaboration, enterprise networking, data center, cloud and security solutions for over 10,400 enterprise and mid-market customers to innovate their digital infrastructure.
The company has partnerships with more than 300 global industry leaders, including Avaya, Cisco, IBM, Genesys and Microsoft to customize specific business outcomes.
ConvergeOne holds more than 6,000 technical certifications across hundreds of engineers throughout North America including three Customer Success Centers.