Doubles Presence in the Australian IT Solutions Distribution Market
Avnet, Inc. (NYSE:AVT) announced today that it has completed its
acquisition of itX Group Limited (itX), a leading Australian value-added
distributor of IT software, hardware and services, in an all cash merger
valued at AU$77.5 million (USD$79.1 million). itX distributes products
and services from the world's leading IT suppliers including Oracle,
IBM, HP, VMware, Apple, Citrix, Red Hat, and Trend Micro. The
transaction is expected to be immediately accretive to earnings and
supports Avnet's return on capital goals for acquisitions.
"The addition of itX to our current business will significantly enhance
our competitive position in Australia by expanding the portfolio of
solutions we can offer," stated KP Tang, president, Avnet Technology
Solutions Asia Pacific. "Their strength in services and software
complements Avnet's expertise in the data centre and will create
opportunities for cross selling into the combined customer base."
With approximately 150 employees, itX has offices in Sydney, Melbourne,
Brisbane, Perth, Canberra and Adelaide. For fiscal year ended June 30,
2010, itX generated revenue of approximately AU$159.6 million (USD$162.8
Forward Looking Statements
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 itX and may include words
such as "will," "anticipate," "expect," believe," 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 the acquisition of
itX and the successful integration of itX, 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 Avnet generally.
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) 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 3,
2010, Avnet generated revenue of $19.16 billion. For more information,
Visit Avnet's Investor Relations Website at www.ir.avnet.com
or contact us at email@example.com.
Michelle Gorel, +1 480-643-7653
President, Public Relations
Vincent Keenan, +1 480-643-7053
Technology Solutions Asia Pacific
Michael Costigan, +61 2 8877 0751
Marketing and Business Innovation
+61 408 651 467
Fax: +61 2 8877 0702
Source: Avnet, Inc.
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