Expands Its Portfolio of Storage Solutions
PHOENIX--(BUSINESS WIRE)-- Avnet, Inc. (NYSE:AVT) announced today that it has completed the acquisition of Orchestra Service Gmbh (Orchestra), a German IT distributor of innovative storage solutions and services for EMC products. Headquartered in Munich, Germany, Orchestra provides strong storage-centric expertise to help its customers grow and take advantage of the many opportunities that exist in areas such as cloud computing, big data and information management. Founded in 1998, Orchestra is a leading value-added distributor focused on backup and recovery, archiving, high availability replication and storage.
"The acquisition of Orchestra is part of our long-term strategic plan to expand Avnet's solutions portfolio in the region, while strengthening our EMC partnership in Germany," said Patrick Zammit, president of Avnet Technology Solutions, global. "Orchestra's capabilities are an excellent complement to our converged infrastructure solutions offerings and enhance our ability to accelerate growth for our partners throughout the EMEA region."
Orchestra generated revenue of approximately US$95 million in the 2014 calendar year. The acquisition is expected to be immediately accretive to Avnet earnings and achieve its return on capital goal of 12.5%.
About Avnet, Inc.
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. (AVT_IR)
View source version on businesswire.com: http://www.businesswire.com/news/home/20151103005407/en/
Vincent Keenan, 480-643-7053
Vice President, Investor Relations
Source: Avnet, Inc.
News Provided by Acquire Media