Climb Global Solutions names new board chairman

The press release also contained forward-looking statements regarding Climb’s strategic goals and operational expectations. These statements are subject to risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Based on InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels, though analysts maintain a positive outlook with profitability expected this year. Based on InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels, though analysts maintain a positive outlook with profitability expected this year. McCarthy, who has over three decades of executive technology experience, replaces Jeff Geygan, who will step down on February 28, 2025.

McCarthy has been part of Climb’s board since June 2019 and chairs the Compensation Committee. His previous roles include President and CEO of Mainline Information Systems and senior positions at EMC (NYSE:EMC_old), StorageApps, CNT, McData, and Virtual Iron. McCarthy is also involved with Stripes Group’s Operating Board and the Board of Trustees for Providence College, where he earned his Marketing degree.

"I am honored to be appointed as Chairman of the Board and thankful for the trust placed in me by my fellow Board members," McCarthy said, expressing gratitude towards his predecessor for his contributions to Climb’s growth.

Geygan reflected on his tenure, acknowledging the progress and success Climb has achieved during his time as Chairman.

Climb Global Solutions operates in the US, Canada, and Europe, offering IT distribution and solutions through its business units, including Climb Channel Solutions, Grey Matter, and Climb Global Services. The company focuses on sectors like Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software (ETR:SOWGn) & ALM.

The press release also contained forward-looking statements regarding Climb’s strategic goals and operational expectations. These statements are subject to risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

This news report is based on a press release statement from Climb Global Solutions, Inc.

In other recent news, Climb Global Solutions reported record growth in its third-quarter earnings call, with significant increases in adjusted gross billings (AGB) and net sales. This surge in financial performance has been attributed to organic growth and strategic acquisitions, including Douglas Stewart Software and DataSolutions Ireland, which is now Climb Channel Solutions. The company also declared a quarterly dividend, reflecting its confidence in its financial health and commitment to shareholder returns.

Adjusted gross billings rose by 65% to $465.2 million and net sales increased by 52% to $119.3 million. Meanwhile, net income more than doubled to $5.5 million, and adjusted EBITDA surged 96% to $9.9 million.

The company is focused on expanding its European presence, particularly in the DACH region, and is planning for 1-2 acquisitions annually, primarily funded by cash. The leadership is optimistic about continued growth and successful integration of acquisitions, and they plan to maintain momentum through the end of 2024.

Climb Global Solutions is committed to pursuing mergers and acquisitions in Western Europe. Despite a decrease in cash and equivalents to $22.1 million, down from $36.3 million at year-end 2023, mainly due to the DSS acquisition, the company is optimistic about a strong fourth-quarter performance. They see the cybersecurity segment as a key driver for growth and expect a favorable macroeconomic environment with a recovery in hardware refreshes.

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