Avnet, Inc. Announces Acquisition of TSSLink, Inc.
Further strengthens Avnet’s solutions portfolio by expanding expertise in
storage and virtualization services
PHOENIX -- January 3, 2013
Avnet, Inc. (NYSE:AVT) announced today that it has acquired TSSLink, Inc., an
IT professional services organization providing technical support, consulting
and outsourcing services, field product installation, end-user training and
technical staff augmentation. Headquartered in San Jose, California, TSSLink’s
certified engineers provide field services across North America assisting
business partners with value-add consulting for storage and virtualization
solutions. These services include order management, field installation,
configuration and implementation. For the calendar year 2011, TSSLink
generated revenue of $10.5 million and will be integrated into the Avnet
Technology Solutions, Americas services organization.
“This acquisition supports the strategic expansion of our services portfolio
and further strengthens our ability to deliver a comprehensive IT solution for
our business partners,” said Jeff Bawol, president Avnet Technology Solutions,
Americas. “A key component of our solutions distribution strategy is the
ability to drive growth for our suppliers and value-added resellers in markets
where demand is continually increasing, such as storage and virtualization.”
Founded in 2004, TSSLink also provides IT audit and compliance leadership,
disaster recovery and business continuity planning consulting and technical
“In our data-reliant world, the services TSSLink delivers are integral
components of every business’ operations,” said Tony Vottima, senior vice
president, Avnet Technology Solutions, Americas services organization. “By
providing these services, we are able to support our business partners
throughout the entire IT lifecycle which in turn enables them to focus on
their core competencies and achieve their growth goals.”
This acquisition is expected to be immediately accretive to earnings and
supports Avnet's return on capital goal of 12.5%.
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. Except as required by
law, Avnet is under no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the largest
distributors of electronic components, computer products and embedded
technology serving customers globally. Avnet accelerates its partners' success
by connecting the world's leading technology suppliers with a broad base of
customers by providing cost-effective, value-added services and solutions. For
the fiscal year ended June 30, 2012, Avnet generated revenue of $25.7 billion.
For more information, visit www.avnet.com. (AVT_IR)
Visit Avnet's Investor Relations Website at www.ir.avnet.com or contact us at
Investor Relations Contact:
Vice President, Investor Relations
Public Relations Contact:
Vice President, Public Relations
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