Avnet, Inc. (NYSE:AVT) announced today that it has completed its acquisition of value-added IT distributor Amosdec SAS. Founded in 1990, Amosdec is a leader in the field of virtualization and storage management solutions throughout France. During the 2010 calendar year, Amosdec generated revenue of approximately US$90 million. This acquisition is expected to be immediately accretive to earnings and achieve Avnet's return on capital goal of 12.5% within two years.
Graeme Watt, president of Avnet Technology Solutions, Europe, Middle East and Africa (EMEA), commented, "The acquisition of Amosdec provides Avnet Technology Solutions' a significant platform to build upon in France, EMEA's third largest IT market. The combination of Amosdec's strong leadership and talented employees will allow us to expand our scale and scope in this market and strengthen our solutions offering with the addition of new supplier franchises to our line card."
Headquartered in Paris, Amosdec offers technical consultancy and training, pre-sales support and installation services to its 500+value-added reseller (VAR) partners. Amosdec is recognized for its expertise in VMware virtualization technology and for its leadership in introducing new VMware ecosystem solutions in France. Amosdec will be integrated into Avnet Technology Solutions, EMEA, an IT solutions distribution leader.
Forward Looking Statements
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 Securities and Exchange Commission, including the Company's reports on Form 10-K, Form 10-Q and Form 8-K. Avnet is under no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Graeme Watt, president of Avnet Technology Solutions, Europe, Middle East and Africa (EMEA), commented, "The acquisition of Amosdec provides Avnet Technology Solutions' a significant platform to build upon in France, EMEA's third largest IT market. The combination of Amosdec's strong leadership and talented employees will allow us to expand our scale and scope in this market and strengthen our solutions offering with the addition of new supplier franchises to our line card."
Headquartered in Paris, Amosdec offers technical consultancy and training, pre-sales support and installation services to its 500+value-added reseller (VAR) partners. Amosdec is recognized for its expertise in VMware virtualization technology and for its leadership in introducing new VMware ecosystem solutions in France. Amosdec will be integrated into Avnet Technology Solutions, EMEA, an IT solutions distribution leader.
Forward Looking Statements
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 Securities and Exchange Commission, including the Company's reports on Form 10-K, Form 10-Q and Form 8-K. Avnet is under no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
