Avnet, Inc. Announces Agreement to Acquire Assets of Seamless Technologies, Inc.
Significantly Expands Cloud and Automation Solutions
"Recent services acquisitions have been well-received by our partners.
This latest acquisition adds a critical component to our expanding
services portfolio, with private cloud, virtualization and data center
automation services that broaden and deepen our suite of solutions for
our customers," said
Founded in 1992, Seamless Technologies has created a unique set of intellectual property and software that enables faster integration and deployment of large-scale private cloud and IT infrastructure environments. This acquisition will be integrated into the operations of Avnet Services.
"The addition of these new service offerings supports our long-range vision of solutions distribution, delivering technologies, services and solutions that provide high business value and accelerate hardware, software and services sales. Seamless Technologies' domain expertise in financial services, healthcare, and insurance will complement our SolutionsPath® strategy and enable our partners and customers to achieve their business goals," Vottima added.
This transaction, which is expected to close in approximately 30 days, is immediately accretive to earnings and supports Avnet's long-term return on capital goal of 12.5 percent.
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
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