ConvergeOne Announces $1.2 Billion Combination With Forum Merger to Become Public Company
Palo Alto – December 19, 2017 – Cooley advised leading global IT services provider ConvergeOne on its agreement to combine with Forum Merger Corporation, allowing ConvergeOne to become a public company, with an anticipated initial enterprise value of approximately $1.2 billion. The transaction is expected to close in Q1 2018. Cooley partners Mehdi Khodadad and John McKenna led the team advising ConvergeOne.
Under the terms of the merger, Forum will change its name to ConvergeOne. Clearlake Capital, ConvergeOne’s current private equity sponsor, will remain the largest shareholder in the combined company, which will continue to be led by John A. McKenna Jr., chairman and CEO.
Founded in 1993, ConvergeOne is a leading global IT service provider of collaboration and technology solutions for large and medium enterprises. Forum Merger Corporation, which trades on The Nasdaq Capital Market as “FCMI,” is a blank check company formed for special purpose acquisitions.
"Today's transaction announcement marks the beginning of an exciting new chapter in our history,” said McKenna in a news release. “At ConvergeOne, our goal has always been to solve our customers' complex IT business challenges with innovative managed services and solutions. We are now serving over 9,000 diversified clients across various industries. We are proud of our successful partnership with Clearlake and grateful for the resources and industry insights the Clearlake team continues to bring to our business, and we are delighted to be entering into this transaction with Forum to become a publicly-traded company."
In 2014, Cooley advised Clearlake Capital on its acquisition of ConvergeOne from Genstar Capital and on various add-on acquisitions for ConvergeOne since 2014.
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