SYS-CON MEDIA Authors: Elizabeth White, Pat Romanski, Liz McMillan, Yeshim Deniz, Courtney Abud

News Feed Item

ConvergeOne Announces $25 Million Stock Repurchase Program

EAGAN, Minn., Aug. 22, 2018 /PRNewswire/ -- ConvergeOne Holdings, Inc. (Nasdaq: CVON) ("ConvergeOne" or the "Company"), a leading global IT services provider of collaboration and technology solutions, today announced that its Board of Directors has approved the repurchase of up to an aggregate of $25 million of its common stock, subject to compliance with applicable law and the limitations in the Company's credit facilities on stock repurchases. The Company's common stock is listed on The Nasdaq Global Market under the symbol "CVON". The repurchase program is expected to continue through August 2020, unless extended or shortened by the Company's Board of Directors.

ConvergeOne Logo. (PRNewsFoto/NACR) (PRNewsFoto/)

Any repurchases would be made in the open market or in privately negotiated transactions, and may be made from time to time or in one or more larger repurchases. The program will be conducted in compliance with the Securities and Exchange Commission's Rule 10b-18 and applicable legal requirements.  The amount and timing of any repurchases made under the repurchase program will depend on a variety of factors, including available liquidity, cash flow and market conditions. 

The program does not obligate the Company to acquire any particular amount of common stock and the program may be modified or suspended at any time at the Company's discretion. The repurchases would be funded from available working capital and are subject to compliance with the terms and limitations of the Company's credit facilities.

About ConvergeOne

Founded in 1993, ConvergeOne is a leading global IT services provider of collaboration and technology solutions for large and medium enterprises with decades of experience assisting customers to transform their digital infrastructure and realize a return on investment. Over 9,000 enterprise and mid-market customers trust ConvergeOne with collaboration, enterprise networking, data center, cloud and security solutions to achieve business outcomes. Our investments in cloud infrastructure and managed services provide transformational opportunities for customers to achieve financial and operational benefits with leading technologies. ConvergeOne has partnerships with more than 300 global industry leaders, including Avaya, Cisco, IBM, Genesys and Microsoft to customize specific business outcomes. We deliver solutions with a full lifecycle approach including strategy, design and implementation with professional, managed and support services. ConvergeOne holds more than 6,000 technical certifications across hundreds of engineers throughout North America including three Customer Success Centers. More information is available at www.convergeone.com.

Forward-Looking Statements

This press release includes "forward-looking statements" including, but not limited to, statements relating to the timing and extent of any stock repurchases and compliance with the terms of the Company's credit facilities. These forward-looking statements reflect ConvergeOne's current views and information currently available. This information is, where applicable, based on assumptions that ConvergeOne believes, as of the date hereof, provide a reasonable basis for the information contained herein. Forward-looking statements can generally be identified by the use of forward-looking words such as "may," "will", "would", "could", "expect", "estimate" or other similar words, and include statements regarding ConvergeOne's plans, strategies, objectives and targets.

These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of ConvergeOne. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the possibility that ConvergeOne may be adversely affected by economic, business, and/or competitive factors; (2) ConvergeOne's ability to identify and integrate acquisitions and achieve expected synergies and operating efficiencies in connection with acquired businesses; (3) changes in applicable laws or regulations; and (4) other risks and uncertainties indicated from time to time in the reports ConvergeOne files with the Securities and Exchange Commission including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those vary from forward-looking statements are based. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as such statements are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond ConvergeOne's control. All information herein speaks only as of. Except as required under applicable law, ConvergeOne undertakes no duty to update or revise the information contained herein.

Contacts:

Media Contact:
Scott Clark
Vice President, Marketing, ConvergeOne
651.393.3957
[email protected]  

Investor Relations:
Scott MacDonald
651-393-6399
[email protected]

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/convergeone-announces-25-million-stock-repurchase-program-300701013.html

SOURCE ConvergeOne

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Eggplant, the customer experience optimization specialist, announced the latest enhancements to its Digital Automation Intelligence (DAI) Suite. The new capabilities augment Eggplant’s continuous intelligent automation by making it simple and quick for teams to test the performance and usability of their products as well as basic functionality, delivering a better user experience that drives business outcomes.
Intel is an American multinational corporation and technology company headquartered in Santa Clara, California, in the Silicon Valley. It is the world's second largest and second highest valued semiconductor chip maker based on revenue after being overtaken by Samsung, and is the inventor of the x86 series of microprocessors, the processors found in most personal computers (PCs). Intel supplies processors for computer system manufacturers such as Apple, Lenovo, HP, and Dell. Intel also manufactu...
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leaders Debate. He regularly supports and sponsors Meetup groups such as DevOpsNYC and DockerNYC.
"There is a huge interest in Kubernetes. People are now starting to use Kubernetes and implement it," stated Sebastian Scheele, co-founder of Loodse, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
Here to help unpack insights into the new era of using containers to gain ease with multi-cloud deployments are our panelists: Matt Baldwin, Founder and CEO at StackPointCloud, based in Seattle; Nic Jackson, Developer Advocate at HashiCorp, based in San Francisco, and Reynold Harbin, Director of Product Marketing at DigitalOcean, based in New York. The discussion is moderated by Dana Gardner, principal analyst at Interarbor Solutions.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Using serverless computing has a number of obvious benefits over traditional application infrastructure - you pay only for what you use, scale up or down immediately to match supply with demand, and avoid operating any server infrastructure at all. However, implementing maintainable and scalable applications using serverless computing services like AWS Lambda poses a number of challenges. The absence of long-lived, user-managed servers means that states cannot be maintained by the service. Lo...
With the new Kubernetes offering, ClearDATA solves one of the largest challenges in healthcare IT around time-to-deployment. Using ClearDATA's Automated Safeguards for Kubernetes, healthcare organizations have access to the container orchestration to dynamically deploy new containers on demand, monitor the health of each container for threats and seamlessly roll back faulty application updates to a previous version, avoid system-wide downtime and ensure secure continuous access to patient data.
As Apache Kafka has become increasingly ubiquitous in enterprise environments, it has become the defacto backbone of real-time data infrastructures. But as streaming clusters grow, integrating with various internal and external data sources has become increasingly challenging. Inspection, routing, aggregation, data capture, and management have all become time-consuming, expensive, poorly performing, or all of the above. Elements erases this burden by allowing customers to easily deploy fully man...
Applications with high availability requirements must be deployed to multiple clusters to ensure reliability. Historically, this has been done by pulling nodes from other availability zones into the same cluster. However, if the cluster failed, the application would still become unavailable. Rancher’s support for multi-cluster applications is a significant step forward, solving this problem by allowing users to select the application and the target clusters, providing cluster specific data. Ranc...
StackRox helps enterprises secure their containerized and Kubernetes environments at scale. The StackRox Container Security Platform enables security and DevOps teams to enforce their compliance and security policies across the entire container life cycle, from build to deploy to runtime. StackRox integrates with existing DevOps and security tools, enabling teams to quickly operationalize container and Kubernetes security. StackRox customers span cloud-native startups, Global 2000 enterprises, a...