New Services Capabilities Will Expand Avnet's HP Portfolio
Avnet, Inc. (NYSE: AVT) announced today that it has acquired Pepperweed
Consulting, an IT enterprise management and integration provider. As an
HP Software Elite Partner and winner of multiple HP Partner-of-the-Year
awards, Pepperweed Consulting works with channel partners and customers
to buy, deploy, support and manage HP IT Performance Suite, Converged
Cloud and Insight software stacks. With more than 3000 successful
engagements at Fortune 500 clients and large-scale government agencies,
the company helps customers architect, implement and operate the right
solution to meet their data center and cloud initiative goals on time
and on budget. The company generated revenue of approximately US$12
million in the 2011 calendar year.
"The acquisition of Pepperweed supports our strategic focus of expanding
our services and software portfolio to help drive growth for both our
supplier and reseller partners," stated Jeff Bawol, president, Avnet
Technology Solutions, Americas. "The addition of Pepperweed Consulting
will complement our industry leading vertical market practices by
providing software and services to help our HP reseller partners
deliver increasingly complex and customized IT solutions needed by
customers in high growth markets such as government, healthcare, energy,
financial and retail."
Founded in 1996, Pepperweed Consulting provides multi-vendor technology
expertise, services and support, complemented by internally developed
components to meet each project's specific goals. This acquisition will
be integrated into the operations of Avnet Technology Solutions in the
This transaction is expected to be immediately accretive to earnings and
supports Avnet's long-term return on capital goal of 12.5%.
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, 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), 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.
Public Relations Contact:
Vice President, Public Relations
Vincent Keenan, 480-643-7053
President, Investor Relations
Source: Avnet, Inc.
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