Tech Data Closes Massive Avnet Technology Solutions Deal
Avnet Technology Solutions partners hope that the close of Tech Data's $2.6 billion acquisition will unlock a broader line card while maintaining access to key pre-sales and marketing contacts.
The closing of Clearwater, Fla.-based Tech Data's acquisition of Phoenix-based Avnet's $9.65 billion TS business was announced Monday morning. The deal will boost Tech Data's share of overall revenue coming from the data center from just 29 percent to 45 percent while more than doubling non-GAAP operating income after cost savings.
According to Tech Data CEO Robert Dutkowsky, it was a ’momentous day’ in the company’s history, and it is excited to welcome colleagues at Technology Solutions to the Tech Data family.
Tech Data also unveiled a new, six-person global operations team reporting to Chief Operating Officer Rich Hume comprised of three Tech Data and three Avnet TS leaders. Hume and Tech Data's existing top financial, human resources, legal and information leaders will remain with the company and continue reporting to Dutkowsky.