Further strengthens Avnet's HP software and Cloud solutions portfolio
announced today that it has acquired Genilogix LLC, an IT application
lifecycle management firm. Genilogix provides a range of products and
services that help channel partners and customers improve security,
quality, performance, availability, governance, and regulatory
compliance for mission-critical applications. As an HP Software Enhanced
Elite Partner, Genilogix helps enterprises with all aspects of
application lifecycle management from design to implementation to
long-term support of the HP IT Performance Suite. Genilogix also offers
a SaaS based project and portfolio management system for the Cloud. The
company generated revenue of approximately US$23 million in the 2011
"The acquisition of Genilogix further strengthens our software and
services portfolio to help drive growth for both our supplier and
reseller partners," said Jeff Bawol, president, Avnet Technology
Solutions, Americas. "Genilogix's portfolio combined with the offerings
available through our recent acquisition of Pepperweed Consulting
greatly enhances our ability to deliver a comprehensive IT solution for
our business partners, including those focused on high growth markets
such as healthcare and government."
Founded in 2001, Genilogix provides a range of products and services to
help customers recognize value within their organization for the HP IT
Performance Suite. Genilogix works closely with HP to offer innovative
products and services that mitigate risk by ensuring security, quality,
performance and availability for the enterprise. This acquisition will
be integrated into the operations of the services group of Avnet
Technology Solutions in the Americas.
"Strategic expansion of our software and services portfolio strengthens
our ability to bring IT solutions to market quickly and cost
effectively, while ensuring value is added at each point in the supply
chain," said Tony Vottima, senior vice president, Avnet Technology
Solutions, Americas' services organization. "The expertise and
relationships that the Genilogix team brings to our organization are
directly aligned with our solutions distribution focus."
This transaction is expected to be immediately accretive to earnings and
support 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, allocations of products by suppliers,
other competitive and/or regulatory factors affecting the businesses of
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.
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.
Visit Avnet's Investor Relations Website at www.ir.avnet.com
or contact us at firstname.lastname@example.org.
Investor Relations Contact:
President, Investor Relations
Vice President, Public
Source: Avnet, Inc.
News Provided by Acquire Media