Press release
Climb Global Solutions, Inc. Acquires Douglas Stewart Software & Services, LLC, Expanding Reach in North America and Strengthening Education Sector Offerings
EATONTOWN, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Climb Global Solutions, Inc. (NASDAQ:CLMB), a value-added global IT channel company specializing in unique
About this update from Climb Global Solutions, Inc.
[{"type":"text","content":"EATONTOWN, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Climb Global Solutions, Inc. (NASDAQ:CLMB), a value-added global IT channel company specializing in unique sales and distribution solutions for innovative technology vendors, announced it is acquiring Douglas Stewart Software & Services, LLC (“DSS”), a separate division of the privately held Douglas Stewart Company. DSS is a Wisconsin-based, leading specialty distributor focused on SaaS solutions for education customers in North America. The acquisition enhances Climb’s presence in the region and bolsters its product portfolio. Climb closed on the acquisition of DSS for an aggregate purchase price of $20.3 million payable at closing (subject to working capital and other adjustments), plus a potential post-closing earn-out. Climb funded the acquisition of DSS utilizing cash from the company’s balance sheet. For the trailing twelve months, ending June 30, 2024, DSS reported adjusted EBITDA of approximately $5.3 million, which was up 10% over the same period in the prior year. “Today, we are continuing with our organic growth by adding scale and expertise to our North American operations along with 20 new vendor partners including Adobe, Go Guardian and Incident IQ. DSS has delivered consistent growth through a subscription-based software licensing model, built on an 85%+ retention rate for its strategic vendor partners’ offerings,” said Climb CEO, Dale Foster. “DSS is a proven leader in the EdTech channel and provides services to more than 500 value-added resellers and 250 campus stores across NA in both the K-12 and higher education markets. We are pleased to welcome Chuck Hulan and his team to the Climb family and look forward to unlocking synergies and cross-selling opportunities while advancing shared cloud marketplace initiatives as we integrate DSS into our platform in the months ahead.” Commenting on the acquisition, DSS CEO Chuck Hulan stated: “DSS is dedicated to empowering the education community with solutions that improve learning experiences for all students. Leveraging the software-centric infrastructure Dale and his team have built at Climb, we look forward to being able to rapidly innovate on the types of solutions and services we can provide to Climb’s vendors and bring new customers to our existing supplier partners too. We will bring education-specific customer ...