ConvergeOne, an Eagan-based IT services provider, merged with a special purpose acquisition company Friday in order to go public.
Shareholders of the Forum Merger Corp. and ConvergeOne approved the merger on Tuesday, and the deal was finalized on Friday. Under the deal, Forum changes its name to ConvergeOne Holdings Inc. and starts trading on Nasdaq under the symbol CVON.
ConvergeOne became serious about pursuing a public listing in November and decided a merger with a special purpose acquisition company would be the fastest and cheapest way to do so. ConvergeOne's plan made sense to Forum.
"Our goal was to not just find an investment, but a true partner with a strong financial profile, a time-tested business model and a platform that allows for steady, continued growth," said Marshall Kiev, co-CEO of Forum in a prepared statement.
ConvergeOne has more than 7,200 enterprise and midmarket customers who use its services to manage their data and contact centers and help them manage their cloud storage. The company also provides information technology maintenance and security services.
The company has more than 2,200 employees, with about 220 at its Eagan headquarters and another office in Golden Valley.
John McKenna Jr., chairman and CEO of ConvergeOne, said the company expects to report 2017 revenue of $924 million and will have earnings of $139 million. The total enterprise value of ConvergeOne, including the value of debt and equity, is $1.3 billion.
That makes ConvergeOne larger than the three Minnesota companies that completed IPOs in 2017 and three that have registered for public offerings this year.