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Converge Technology Solutions Announces Deconsolidation of Portage CyberTech Inc.

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TORONTO and GATINEAU, QC, July 3, 2024 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) today announced that, as of June 27, 2024, the Company has fulfilled the criteria necessary for the deconsolidation of its majority owned subsidiary, Portage CyberTech Inc. (“Portage CyberTech”) for accounting purposes, following Converge’s decision to relinquish its right to majority representation on the board of directors of Portage CyberTech (the “Portage Board”) pursuant to a voting agreement dated as of June 27, 2024 (“Voting Agreement”).

In conjunction with the execution of the Voting Agreement, Portage CyberTech announced it has entered into a new stand-alone credit facility with the Canadian Imperial Bank of Commerce (“CIBC”), for up to $15 million, of which $10 million will be drawn immediately and the additional $5 million is contingent on achieving future financial targets.

“Successfully meeting the criteria necessary to deconsolidate Portage CyberTech from Converge is an important step for each company,” stated Shaun Maine, Group CEO of Converge. “This pivot will allow Converge to remain a strong partner and advocate for Portage CyberTech’s industry leading products and positions Portage CyberTech on its own accelerated growth path, operating completely independent of Converge.”

Converge Group CEO, Shaun Maine will maintain the position as Chairman of the Portage Board, which consists of three members. Converge currently retains ownership of approximately 51% of the outstanding common shares of Portage CyberTech in addition to the $25 million long-term loan entered into with Portage CyberTech.

About Portage CyberTech, A Converge Company

Portage CyberTech powers trusted digital transactions between individuals, businesses, and government organizations. Driven by some of the most ambitious digital projects and our desire to raise the visibility of our clients at home and abroad, our committed team of experts in all things digital – identity, access management, trusted services, and communications, have created the solutions designed to reach your customers. For more information, visit portagecybertech.com.

About Converge

Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.

Forward-Looking Information

This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation regarding Converge, Portage Cybertech and their businesses. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its or Portage Cybertech’s actual results of operations, financial condition and position in the industry in which they each operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company or Portage Cybertech’s results of operations, financial condition and position in the industry in which they each operate are consistent with the forward-looking statements contained in this press release, those results of developments may not be indicative of results or developments in subsequent periods.

There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the Company’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information contact: Converge Technology Solutions Corp., Email:  investors@convergetp.com, Phone:  416-360-1495

View original content:https://www.prnewswire.co.uk/news-releases/converge-technology-solutions-announces-deconsolidation-of-portage-cybertech-inc-302189238.html

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SAFE Brings Unprecedented Speed and Transparency to Risk Management for Cyber Insurance; 4 Wins at Cyber Insurance Awards Validate Role in Transforming Insurance Underwriting

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PALO ALTO, Calif., April 10, 2025 /PRNewswire/ — The SAFE platform is rapidly gaining acceptance by the insurance industry as the new standard for efficient and transparent cyber risk management for underwriting, enabling insurance brokers and carriers to optimize risk selection and underwriting efficiency while introducing unique policy incentives and premium discounts directly correlated to an organization’s cyber risk posture in SAFE.

SAFE recently swept the Cyber Insurance Awards USA 2025 with four wins: Cyber InsurTech of the Year, Cyber Underwriting Technology of the Year, and Cyber Insurance Technology Provider of the Year, with SAFE’s Insurance Leader, Steven Schwartz Highly Commended as a “Rising Star in Cyber Insurance.”

“SAFE stood out from their peers in 2024 in innovation and thought leadership,” the Cyber Insurance Awards judges commented. “They have continued to push the bounds in risk quantification and cyber and underwriting through their partnerships with brokers and carriers to the benefit of clients and the market.”

Key Points about SAFE’s Solution for the Insurance Industry

–Transforms cyber insurance underwriting with AI-powered, continuous cyber risk management via its innovative SAFE One platform.

–Revolutionizes cyber insurance by providing objective, real-time “inside-out” risk assessments, replacing outdated processes like questionnaires and exterior scans.

–Enables significant time and cost savings for insurers and insurance buyers, reducing weeks-long processes to minutes and enabling buyers to save up to 30% on premiums.

–Built on global standards like FAIR and MITRE, SAFE’s platform applies transparent, defensible methodologies trusted by over 50% of the Fortune 1000.

SAFE Is the Leader in AI-powered, Continuous Cyber Risk Management

Our SAFE One platform enables CISOs and cyber risk leaders to proactively and continuously quantify, prioritize, and manage cyber risks across the entire enterprise attack surface, including third parties.

The platform also enables insurance brokers and carriers to quantitatively assess and underwrite cyber insurance more efficiently and effectively, leveraging SAFE’s AI-automation and transparency that underpins each risk analysis.

How SAFE Transforms Cyber Insurance Underwriting 

The standard underwriting process for cyber insurance today is broken, depending on two indirect and outmoded methods.

–”Outside-in” scans that paint a partial picture of the enterprise’s cybersecurity controls and will always be subject to false positives

–Lengthy, subjective questionnaires that consume 4-8+ weeks of time across multiple security, operations, and financial stakeholders.

SAFE empowers a streamlined cyber risk and insurance assessment, leveraging read-only API integrations to more than 100 cloud, SaaS, and cybersecurity solutions.

In a matter of minutes, an organization can obtain an objective, real-time understanding of its cyber risk posture and any specific vulnerabilities and misconfigurations with prioritized recommendations on remediation.

SAFE’s transparency and underwriting efficiency enables our underwriter and broker partners to reduce hours into minutes while obtaining more meaningful, objective risk insights that empower SAFE’s carrier partners to offer significant policy incentives.

Cyber Insurance Buyers Achieve Discounts of Up to 30%

SAFE platform users qualify for discounts with leading insurance brokers and carriers that partner with SAFE, such as Chubb, Mosaic Insurance, Zurich Insurance, and more.

“With SAFE and their partnership with Mosaic, we were able to obtain increased limits with a premium savings of more than 20% while saving about 100 hours compared to the traditional renewal process on our technology E&O cyber insurance policy,” said Jay Modh, Founder and CEO, Intuitive Cloud. “In a matter of minutes we were able to obtain preferential terms with continuous visibility into our prioritized recommendations and findings from SAFE.”

Learn how SAFE can transform your cyber risk management – and earn you major savings on cyber insurance premiums – contact us.

About Safe

SAFE is the leader in AI-powered, continuous cyber risk management. SAFE empowers CISOs and Cyber Risk Leaders to become indispensable partners to the business, by enabling real-time quantification, prioritization, and mitigation of cyber risks, to support digital growth initiatives and ensure organizational resilience in the face of evolving threats. Visit https://safe.security/.

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SOURCE SAFE

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Telpay Now Listed in the Intuit QuickBooks App Store

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WINNIPEG, MB, April 10, 2025 /CNW/ – Telpay, a member of the Intuit Developer platform, is excited to announce that its payment solution is now available in the Intuit QuickBooks App Store. This new listing makes it easier than ever for businesses using QuickBooks Online (QBO) to sync Telpay to their workflows and streamline their payments.

Building on Telpay’s long-standing integration with QuickBooks products, the App Store listing offers QBO customers with a faster, more accessible way to discover and connect with Telpay. Businesses can now enjoy a seamless integration that simplifies payments, enhances control, and improves financial management.

Benefits for Businesses
Businesses that use the combined power of Telpay and QuickBooks can experience several benefits that help them save time, be more efficient, and improve their cashlfow.

Streamlined Payments and Approvals – Pay bills, employees and government remittances while managing receivables—all in one secure platform. With multiple approvers for payment authorization, businesses can enjoy faster processing and greater control.

Seamless Synchronization – Automatically sync payables, receivables, vendors and payroll. Payments are instantly reflected in QBO, reconciling accounts in real-time and saving hours of manual updates.

Improved Cash Flow Management – Schedule and control payments to optimize finances.

“We’re thrilled to bring Telpay to the QuickBooks App Store, making it easier for QBO customers to discover and connect with our powerful payment solution,” said Paul Vieira, VP & Chief Experience Officer at Telpay. “Telpay’s integration eliminates time-consuming manual tasks and provides a secure, automated workflow that businesses can trust.”

How to Get Started

QuickBooks Online customers can explore Telpay’s listing in the QuickBooks App Store by visiting our webpage.

For more information, visit https://www.telpay.ca/quickbooks/

About Telpay

Telpay is an all-in-one payment solution that simplifies how businesses manage their payables, receivables, and payroll. With robust automation, secure workflows, and seamless integration with QuickBooks Online, Telpay empowers businesses to save time, reduce costs, and focus on growth.

Intuit and QuickBooks are registered trademarks of Intuit Inc. Used with permission.

SOURCE TelPay Incorporated

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Worldwide Telecom Capex to Decline at a 2 percent CAGR, According to Dell’Oro Group

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Capital Intensity to Reach 14 percent by 2027

REDWOOD CITY, Calif., April 10, 2025 /PRNewswire/ — According to a recently published report from Dell’Oro Group, the trusted source for market information about the telecommunications, security, networks, and data center industries, telecom operators scaled back wireless and wireline investments in 2024. The high-level relationship between carrier revenues, capex, and telecom equipment was mostly stable, as both telecom capex and telecom equipment revenues tanked in 2024. Preliminary findings show that worldwide telecom capex, the sum of wireless and wireline/other telecom carrier investments, declined 8 percent in 2024 (telecom equipment manufacturing revenues for the six programs tracked at the Dell’Oro Group declined 11 percent over the same period).

“With some of the larger fiber and 5G builds now in the past, the different risk profiles across the carrier spectrum become more pronounced,” said Stefan Pongratz, Vice President of RAN and Telecom Capex research at Dell’Oro Group. “While some operators prefer a more growth-oriented approach and consider elevated capital intensity levels as essential to gain a competitive edge and be better prepared for the next technology transition, the majority of the operators believe the pie is mostly fixed and focusing on efficiency improvements is considered less risky to this group,” continued Pongratz.

Additional highlights from the April 2025 Telecom Capex report:

Investment conditions are expected to stabilize in 2025, though it will still be a challenging year from a capex and telecom equipment revenue perspective.The near-term investment outlook is less favorable – carrier capex is expected to decline at a 2 percent CAGR over the next 3 years.With carrier revenues on track to advance slightly (+1 percent CAGR), capex/revenue is projected to approach 14 percent in 2027, down from 16 percent in 2024.Wireless capital intensity is projected to approach 12 to 13 percent in 2027, down five to six percentage points since the 5G peak.

About the Report

The Dell’Oro Group Telecom Capex Report provides in-depth coverage of more than 50 telecom operators highlighting carrier revenue, capital expenditure, and capital intensity trends.  The report provides actual and 3-year forecast details by carrier, by region by country (United States, Canada, China, India, Japan, and South Korea), and by technology (wireless/wireline). To purchase this report, please contact by email at dgsales@delloro.com.

About Dell’Oro Group

Dell’Oro Group is a market research firm that specializes in strategic competitive analysis in the telecommunications, security, enterprise networks, security, and data center infrastructure markets.  Our firm provides in-depth quantitative data and qualitative analysis to facilitate critical, fact-based business decisions.  For more information, please contact Dell’Oro Group at +1.650.622.9400 or visit www.delloro.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/worldwide-telecom-capex-to-decline-at-a-2-percent-cagr-according-to-delloro-group-302425142.html

SOURCE Dell’Oro Group

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