Strengthens Storage Solutions Portfolio in EMEA Region
PHOENIX--(BUSINESS WIRE)--
Avnet, Inc. (NYSE:AVT)
announced today that it has signed an agreement to acquire Orchestra
Service GmbH (Orchestra), a specialist German IT distributor of
innovative storage solutions and services around EMC products.
Headquartered in Munich, Germany, Orchestra has developed strong
storage-centric expertise to help its customers grow and take advantage
of the many opportunities that exist today as well as position itself
for market growth in areas such as cloud computing, big data and
information management. The transaction, which is subject to normal
regulatory approvals, is expected to close within 30 days.
Graeme Watt, president, Avnet Technology Solutions EMEA, commented,
"This acquisition presents meaningful opportunities for both Avnet and
Orchestra to leverage our strengths and accelerate growth. Together we
are able to scale Orchestra's unique value propositions across EMEA -
something we could not have done as separate companies. Orchestra is a
strong fit to our converged infrastructure solutions strategy and
positions us well for growth in the third platform and the Internet of
Things. This acquisition is very complementary to our existing solutions
portfolio in Germany and across EMEA. "
Founded in 1998, Orchestra is a leading value-added distributor in
Germany focused on backup and recovery, archiving, high availability
replication and storage. Orchestra generated revenue of approximately
US$95 million in the 2014 calendar year, and will be integrated into
Avnet Technology Solutions' EMEA business.
Roman Rudolf, vice president for Avnet's Central Region, commented,
"Orchestra strengthens our value add and solutions focus as well as
increases scale in an important market for us. The very talented team at
Orchestra are experts in their field and we welcome them into the Avnet
organization. Our companies are very well-aligned, both culturally and
strategically, and the opportunities we open up through this acquisition
will enable us to accelerate the success of our partners across the
region."
This acquisition is expected to be immediately accretive to earnings and
achieve Avnet's return on capital goal of 12.5%.
About Avnet
From components to cloud and design to disposal, Avnet, Inc. (NYSE:AVT),
accelerates the success of customers who build, sell and use technology
globally by providing them with a comprehensive portfolio of innovative
products, services and solutions. Avnet is a Fortune 500 company with
revenues of $27.9 billion for the fiscal year 2015. For more
information, visit www.avnet.com
or contact us at investorrelations@avnet.com.
(AVT_IR)
View source version on businesswire.com: http://www.businesswire.com/news/home/20150930005289/en/
Avnet, Inc.
Vincent Keenan, 480-643-7053
Investor Relations
investorrelations@avnet.com
Source: Avnet, Inc.
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