On April 1, 2022, Converge Technology Solutions Corp., a prominent IT and Cloud Solutions provider, acquired Creative Breakthroughs, Inc. (CBI), a cybersecurity solutions firm. CBI, headquartered in Ferndale, Michigan, specializes in cybersecurity, focusing on threat detection, network and endpoint security, and data protection. This acquisition was part of Converge's strategic expansion in cybersecurity.

Steve Barone, CEO of CBI, highlighted the acquisition's significance in scaling their offerings and reaching a wider audience, integrating new partnerships, and enhancing their cloud, analytics, and digital infrastructure services. Greg Berard, President of Converge, emphasized the value CBI brings to their cybersecurity practice, noting CBI's expertise and its potential to strengthen Converge's security portfolio.

Financial details of the transaction revealed that CBI, with a gross revenue of approximately C$112 million and an adjusted EBITDA of C$9.1 million for the year ending January 31, 2022, was acquired for a total consideration of US$47.0 million plus over US$3 million in working capital paid at closing. Additionally, earn-out payments could amount to US$17 million over three years. The purchase multiple ranged between approximately 5.1 to 6.0 times EBITDA, depending on CBI's EBITDA performance. The acquisition is expected to immediately increase Converge's revenue and EBITDA.

This acquisition marked the 30th by Converge or its affiliates since October 2017, expanding its portfolio of companies in various technology sectors.