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Avnet agrees to buy IT consultancy Ascendant Tech.


26 March 2012 a[euro]" US electronic components distributor Avnet Inc (NYSE:AVT) said on Monday it had signed a deal to take over local IT consultancy Ascendant Technology LLC for a non-specified price.

The transaction is seen to close in the next 45 days, the buyer said in a press release. The move is anticipated to bolster Avneta[euro](tm)s global solutions distribution model and supports the companya[euro](tm)s strategic focus on strengthening its services and software capabilities, it added.

Ascendant develops end-to-end IBM solutions via its operating units in North America, Europe, Brazil and India. It registered a revenue of nearly USD90m (EUR67.8m) last year. Following the takeover, the firm will become part of Avnet Technology Solutions.Country: USASector: IT/Online Services, Computer SoftwareTarget: Ascendant Technology LLCBuyer: Avnet Inc

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Publication:M & A Navigator
Date:Mar 26, 2012
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