Converge Technology Solutions Corp (OTCMKTS:CTSDF) Stock Extends Fall: Down 25% in a Month
Converge Technology Solutions Corp (OTCMKTS:CTSDF) stock continues to trend lower after the recent fall. The stock has lost 25% over the past month.
Market Action
In early session, CTSDF stock fell 6% at $7.60. More than 48k shares have exchanged hands, below its average volume of 72k shares. The stock opened at $8.05 and moved in a range of $7.45 – 8.07.
Converge Technology Solutions Corp. Acquires LPA Software Solutions
Here are the highlights:
Converge Technology announced it has acquired business data analytics firm, LPA Software Solutions, LLC (“LPA”).
Headquartered in Rochester, NY with personnel in Upstate New York, Dallas, Houston, Charlotte, Boston, Pittsburgh, and Columbus, LPA provides business analytics solutions and professional services in analytics, data science, artificial intelligence, financial performance management, data governance, data integration, location analytics, and data sets. Designated as one of the full-service IBM Platinum Partners that sells, understands, and implements IBM Business Analytics software, LPA proudly supports hundreds of clients and numerous successful implementations across ten major industries.
LPA marks the twenty-fourth acquisition completed by Converge since October 2017. Converge’s family of companies also includes Corus Group, LLC; Northern Micro, Inc.; 10084182 Canada Inc. operating as Becker-Carroll; Key Information Systems, Inc.; BlueChip Tek, Inc.; Lighthouse Computer Systems, Inc.; Software Information Systems LLC.; Nordisk Systems, Inc.; Essex Technology Group, Inc.; Datatrend Technologies, Inc.; VSS, LLC; Solutions PCD, Inc.; Unique Digital, Inc.; Workgroup Connections, Inc.; Vivvo Application Studios LTD.; Vicom Computer Services, Inc.; CarpeDatum LLC; Accudata Systems, Inc.; Dasher Technologies, Inc.; ExactlyIT, Inc.; REDNET AG; Vicom Infinity, Inc.; and Infinity Systems Software, Inc.
Key Quote:
“LPA Software Solutions looks forward to joining the Converge family of companies to expand the capabilities, skills, and products we will be able bring to our existing and new clients” stated Scott Hopkins, President and CEO of LPA Software Solutions. “The extensive reach and experience of Converge combined with LPA Software Solutions’ many years of deep expertise will provide clients with broad, industry-based analytics capabilities.”
“Converge is excited to add LPA Software Solutions to our ever-expanding team and array of solution capabilities,” stated Shaun Maine, CEO of Converge. “With 20+ years’ experience serving clients in the analytics space, we’re looking forward to folding in LPA’s advanced analytics knowledge and skills to our current offerings and are excited to grow Converge’s business intelligence, data, and AI practices alongside their team. LPA will enable us to continue to scale and grow our advanced analytics practice across North America.”
Trader Notes:
CTSDF stock has outperformed recently with a jump of over 95% so far this year. On the technical basis, the stock is trading below its 20-day and 50-Day SMA stand at $8.83 and $8.94 respectively. Moreover, RSI at 30 signals that the stock is trading near an oversold zone.
