Avnet, Inc. Announces Agreement to Acquire Ascendant Technology
Significantly Expands Professional Services Capabilities and Resources
Avnet, Inc. (NYSE: AVT) announced today that it has agreed to acquire
Ascendant Technology LLC, a leading international IT consulting firm
with operating units in North America, Europe, Brazil and India.
Ascendant Technology specializes in developing end-to-end IBM solutions
that help organizations optimize their information technology investment
and achieve business results. As a trusted advisor in the definition and
design of strategic software applications, Ascendant has helped
businesses large and small develop and deploy e-Commerce, enterprise
portal and collaboration, web content management, infrastructure
automation and cloud computing solutions. The company generated revenue
of approximately US$90 million in the 2011 calendar year.
"Avnet's acquisition of Ascendant Technology is expected to accelerate
our global solutions distribution model," said Phil Gallagher, global
president, Avnet Technology Solutions. "It supports our strategic focus
on enhancing our services and software capabilities to drive growth for
our suppliers and value-added resellers. Because of Ascendant's
international footprint, Avnet's ability to identify new services and
solution business opportunities for our partners will greatly expand."
Founded in 2003, Ascendant Technology has more than 500 business and
technical professionals that help partners and clients design and
deliver IT solutions that achieve business results in less time, with
reduced risk and expense. By utilizing Ascendant's proprietary IDEA™
(Insight Driven Engineering Approach) Solutions Framework, organizations
can bridge the gap between business objectives and technical execution
to deliver improved performance and exceptional web experiences.
Jeff Bawol, president, Avnet Technology Solutions, Americas, adds,
"Ascendant Technology's expertise in services delivery, complemented by
their software offerings, aligns with Avnet's strategy to provide our
business partners with the support they need to succeed in high growth
vertical markets. Avnet partners primarily focused on providing
infrastructure solutions will now be able to leverage their distributor
relationship to expand the overall business value they can offer to
their customers. Our unique SolutionsPath® value proposition, which
prepares and enables our business partners to deliver complete hardware,
software and service solutions to their customers using a vertical
market focus, will be further supported by Ascendant's expertise in
software application integration and services support."
This acquisition, which is subject to customary closing conditions, is
expected to close in the next 45 days and will be integrated into the
operations of Avnet Technology Solutions.
This press release contains certain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are based on management's current expectations and are
subject to uncertainty and changes in facts and circumstances. The
forward-looking statements herein include statements addressing future
financial and operating results of Avnet and may include words such as
"will," "anticipate," "expect," believe," "intend," and "should," and
other words and terms of similar meaning in connection with any
discussions of future operating or financial performance or business
prospects. Actual results may vary materially from the expectations
contained in the forward-looking statements.
The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: the Company's ability to retain and grow market share and to
generate additional cash flow, risks associated with any acquisition or
disposition activities, the successful integration of acquired
companies, any significant and unanticipated sales decline, changes in
business conditions and the economy in general, changes in market demand
and pricing pressures, any material changes in the allocation of product
or product rebates by suppliers, allocations of products by suppliers,
other competitive and/or regulatory factors affecting the businesses of
More detailed information about these and other factors is set forth in
Avnet's filings with the Securities and Exchange Commission, including
the Company's reports on Form 10-K, Form 10-Q and Form 8-K. Avnet is
under no obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
Avnet, Inc. (NYSE: AVT), a Fortune 500 Company, is one of the
largest distributors of electronic components, computer products and
embedded technology serving customers in more than 70 countries
worldwide. Avnet accelerates its partners' success by connecting the
world's leading technology suppliers with a broad base of more than
100,000 customers by providing cost-effective, value-added services and
solutions. For the fiscal year ended July 2, 2011, Avnet generated
revenue of $26.5 billion. For more information, visit www.avnet.com.
Visit Avnet's Investor Relations Website at www.ir.avnet.com
or contact us at firstname.lastname@example.org.
Michelle Gorel, +1 480-643-7653
President, Public Relations
Vincent Keenan, +1 480-643-7053
Source: Avnet, Inc.
News Provided by Acquire Media