![]() ![]() SYNNEX also announced their first quarter report on Monday which showed a 21% increase in revenue from quarter one of fiscal year 2020. Recently, SYNNEX spun off one of its companies, Concentrix, as an independent public company last December, and posted strong earnings. Shares of SYNNEX closed on Monday with a 6.45% bump. Synnex’s planned merger with rival IT distributor Tech Data remains on-track as the company continues to receive positive feedback and finalize. SYNNEX is publicly traded and its shareholders would own 55% of the new entity while Apollo Funds, Tech Data's private owners, would receive 45%. Data3 recognised for Microsoft Surface prowess. ![]() Polk would be focused on the integration of the companies. Rich Hume, Tech Data's CEO, is expected to take over as SYNNEX's CEO, and Dennis Polk, SYNNEX's current CEO, is expected to become the executive chair of the board of directors. Shareholders at both companies would still have to vote on the deal, but leadership changes are expected. "Once it closes, we'll have a better idea of how to blend the teams together and who does what," Stegner said. Stegner added that with previous acquisitions, SYNNEX has worked hard to find new roles for employees with duplicate positions, but it's difficult to predict what employment looks like before the deal is completed.Īccording to their websites, SYNNEX has roughly 8,800 employees and Tech Data has over 14,000 employees globally. ![]() "In the U.S., there's not a huge overlap on the customers which I - quite frankly - found shocking." They're in Europe, we're not," Stegner said. He added that the two companies compliment each other. Stegner says this could be great for current employees with more opportunities, positions and promotions. The two companies combine for $57 billion annual pro forma revenue, over 22,000 employees, and a market share that spans over 100 countries in the Americas, Europe and Asia - which includes over 1,500 venders and 150,000 customers. The merger is valued at $7.2 billion, including net debt, and they hope to close by the end of the year. Stegner said having a Fortune 100 company would be impactful for the area and would draw people and companies to Greenville - SYNNEX is currently ranked 130 and Tech Data is ranked 90 on the Fortune 500 list. "We're very invested in the community, I don't see that changing whatsoever," Stegner said. "If anything I hope to always expand it." They also hold the Inspire Conference, which brings industry resellers and experts together, and Share the Magic Evening Gala, which benefits local charities, in Greenville. The company gave $250,000 to fund a new playground in Unity Park and sponsors the BMW Charity Pro-Am golf tournament. "That's our home and we're gonna stay with it and keep doing as many things as we can there." "I see some really good things coming from this for Greenville from an economic standpoint," Bob Stegner, SYNNEX's senior vice president of marketing, said. The Greenville office opened in 1996 and is now the company's biggest office. SYNNEX has over 1,000 employees in Greenville, which includes staff in sales, marketing, credit and legal departments. ![]() SYNNEX, a California-based tech company with a large presence in Greenville, announced it would merge with Florida-based Tech Data early Monday morning. Dennis Polk, Synnex President and CEO, will be Executive Chair of the Board of Directors and will take an active role in the ongoing strategy and integration of the business, among other responsibilities.Editor's note: This story has been updated to correct that SYNNEX's Greenville office opened in 1996 and not 2008. Rich Hume, Tech Data CEO, will lead the combined company as CEO. Upon closing of the transaction, Synnex shareholders will own about 55% of the combined entity, with Apollo Funds owning about 45%. (APO) and their co-investors.Īs per the terms of the agreement, Apollo Funds will receive an aggregate of 44 million shares of Synnex common stock plus the refinancing of existing Tech Data net debt and redeemable preferred shares of about $2.7 billion. Tech Data currently is wholly owned by funds managed by affiliates of Apollo Global Management Inc. The combined company, with about $57 billion in estimated pro forma annual revenues and a team of over 22,000 associates and colleagues, will provide customers and vendors with expansive reach across products, services, and geographies to accelerate technology adoption. ![]()
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