China: Avnet, Inc. Acquires Controlling Interest in Vanda Group.Byline: datta03 Avnet, Inc. (NYSE NYSE See: New York Stock Exchange : AVT AVT avian arginine vasotocin. See vasotocin. ) today announced that it has, with effect from October 5, 2009, acquired a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Vanda Group from Hutchinson Whampoa Limited, expanding its presence and customer base across China. Founded in 1982, Vanda Group is a leading IT solutions and services provider covering major cities in China China is a geographical area encompassing multiple territories, under two states. You may be looking for:
Vanda Group provides systems integration services and solutions incorporating hardware and software from major suppliers including IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Lenovo, Cisco, SUN, Nokia and Oracle. With more than 600 employees and nine major offices across China plus Hong Kong and Macau, Vanda Group provides leading edge technologies and solutions to clients from diverse industries including major banks, financial institutions, telecommunications companies See telecom company. , utilities and government departments. In 2008, Vanda Group revenue was approximately US$50 million. Vanda Group will operate as an Avnet company while maintaining its current operations, management team and the Vanda brand. KP Tang, president of Avnet Technology Solutions, Asia Pacific, noted that this investment is a significant step in expanding Avnet's business in the China market: "Adding a recognized leader like the Vanda Group will allow us to expand into new markets in Hong Kong and Macau while complementing our recently launched value-add distribution business in China. With Vanda's strong local brand and technical resources we will be able to leverage the strengths of both organizations to address additional growth opportunities in greater China." The transaction will also provide Avnet Technology Solutions with a strong solutions practice in the banking and financial sector, where Vanda's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , VisionBanking Suite, is recognized as an award-winning solution.KP Tang added, "Vanda Group's vertical solutions expertise is a strong fit with Avnet Technology Solutions' strategy to expand into technical and vertical market solutions. By increasing the value we deliver in the market we can develop stronger relationships with our customers and accelerate growth in the region." Andrew So, managing director of Vanda Group, said, "The new relationship with Avnet Technology Solutions is very strategic for both organizations. Working as part of a global organization dedicated to technology services and solutions like Avnet will allow us to leverage its scale and scope and accelerate our growth." Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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