In the News
Synnex Corp to merge with Tech Data in $7.2 billion deal
IT solutions firm Synnex Corp said it will merge with peer Tech Data in a deal worth about $7 billion, creating one of the world’s biggest IT distribution companies. Synnex is a public Fortune 200 company.
Synnex and Tech Data in March unveiled their plan to merge in a move that, when it closes, would make the combined entity the world’s largest IT distributor with an annual revenue of $57 billion and 22,000 employees.
Synnex Corporation is an American multinational corporation that provides B2B IT services.
The merger comes about a year after Apollo Global Management took Tech Data private in a $6 billion deal, at a time when both Synnex and Tech Data benefited from the move of more people working from home.
Synnex shareholders will own about 55% of the combined company, which expects to generate $57 billion in estimated annual revenue, while Apollo will own the rest. The deal is expected to close in the second half of 2021.
With more than 22,000 employees, the combined company will operate in more than 100 countries.
AVC purchased Kandy
American Virtual Cloud Technologies (AVC) purchased Ribbon’s Kandy Communications business, a business-leading multi-tenant, and scalable platform for cloud communications in December 2020.
The acquisition combines AVC Technologies 3 decades of experience with Kandy’s pure-play and proprietary UCaaS, CCaaS, and CPaaS platform. This acquisition provides an end-to-end communication experience for custmers.