Avnet, Inc. Announces Acquisition of TSSLink, Inc.
Avnet,
Inc. (NYSE:AVT)
announced today that it has acquired TSSLink,
Inc., an IT professional services organization providing technical
support, consulting and outsourcing services, field product
installation, end-user training and technical staff augmentation.
Headquartered in San Jose, California, TSSLink’s certified engineers
provide field services across North America assisting business partners
with value-add consulting for storage and virtualization solutions.
These services include order management, field installation,
configuration and implementation. For the calendar year 2011, TSSLink
generated revenue of $10.5 million and will be integrated into the Avnet
Technology Solutions, Americas services organization.
“This acquisition supports the strategic expansion of our services
portfolio and further strengthens our ability to deliver a comprehensive
IT solution for our business partners,” said Jeff Bawol, president Avnet
Technology Solutions, Americas. “A key component of our solutions
distribution strategy is the ability to drive growth for our suppliers
and value-added resellers in markets where demand is continually
increasing, such as storage and virtualization.”
Founded in 2004, TSSLink also provides IT audit and compliance
leadership, disaster recovery and business continuity planning
consulting and technical support.
“In our data-reliant world, the services TSSLink delivers are integral
components of every business’ operations,” said Tony Vottima, senior
vice president, Avnet Technology Solutions, Americas services
organization. “By providing these services, we are able to support our
business partners throughout the entire IT lifecycle which in turn
enables them to focus on their core competencies and achieve their
growth goals.”
This acquisition is expected to be immediately accretive to earnings and
supports Avnet's return on capital goal of 12.5%.
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 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
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. Except as
required by law, Avnet is under no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
About Avnet
Avnet, Inc. (NYSE:AVT),
a Fortune 500 company, is one of the largest distributors of
electronic components, computer products and embedded technology serving
customers globally. Avnet accelerates its partners' success by
connecting the world's leading technology suppliers with a broad base of
customers by providing cost-effective, value-added services and
solutions. For the fiscal year ended June 30, 2012, Avnet generated
revenue of $25.7 billion. For more information, visit www.avnet.com.
(AVT_IR)
Visit Avnet's Investor Relations Website at www.ir.avnet.com
or contact us at investorrelations@avnet.com.
