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Synnex

Synnex was an American multinational corporation that provided information technology (IT) services to businesses. It merged with competitor Tech Data to form TD Synnex. It was founded in 1980 by Robert T. Huang and based in Fremont, California. As an information technology supply chain services company, it offered services to original equipment manufacturers, software publishers and reseller customers.[3]

History

Originally founded as a technology hardware distributor,[4] Synnex distributes products and related logistics services. As a business process outsourcing and contract assembly it works with industry suppliers of IT systems, peripherals, system components, software and networking equipment.[5] The company is one of the major employers in Greenville, South Carolina.[5] On 21 December 2009, Synnex acquired Jack of All Games from Take-Two Interactive.[6] In December 2010 Synnex acquired the managed business solutions division of e4e, an ITes service provider located in Bangalore in India.[7]

In 2012 Hyve Solutions announced a partnership with IBM and Zettaset to produce a bundled "turnkey" platform for Hadoop-based analytics targeted to the needs of small- and medium-sized businesses.[8] Synnex acquired IBM's worldwide customer care business process outsourcing (BPO) services business on 11 September 2013.[9]

In June 2017, Synnex acquired the North and Latin American operations of Westcon-Comstor, along with 10% of the remaining part of Westcon (Westcon International) from Datatec for a reported $800 million.[10][11]

On 28 June 2018, Convergys and Synnex announced they have reached a definitive agreement in which Synnex would acquire Convergys for $2.43 billion in combined stock and cash, and integrate it with Concentrix.[12][13] On 5 October 2018, the merger was completed.[14]

On 9 January 2020, Dennis Polk, President and Chief Executive Officer of Synnex, announced plans to separate SYNNEX and Concentrix into two publicly traded companies.[15][16] The spinoff was completed on 1 December 2020, with Synnex shareholders getting one share of Concentrix for each share of Synnex they held.[17]

In July 2021, the Republican National Convention's servers were hacked through Synnex. The company said it "could potentially be in connection" with the Kaseya VSA ransomware attack that unfolded days prior.[18]

On 22 March 2021 it was announced that Synnex will merge with Tech Data for a sum of 7.2 billion USD, including debt. Synnex shareholders received 55% of the merged company.[19]

Merger with Tech Data

On September 1, 2021, Synnex completed a merger with Tech Data.[20] This merger created a new company with $59.8 billion in revenue, TD Synnex. Through the combination of both companies, TD Synnex becomes the largest IT distributor, surpassing Ingram Micro. TD Synnex is led by former Tech Data CEO, Rich Hume.[21]

References

  1. Corporate Leadership Team Synnex, 26 November 2019^
  2. Synnex Corporation 2019 Annual Report (Form 10-K) sec.gov, U.S. Securities and Exchange Commission, January 2019^
  3. Synnex names Kevin Murai co-CEO Silicon Valley Journal, 31 March 2008^
  4. SYNNEX History retrieved 2020-12-08^
  5. J. Munro. Synnex keeps moving despite economic slowdown The Greenville News, 25 July 2010^
  6. Take-Two Interactive Software, Inc. Enters into Agreement to Sell its Jack of All Games Distribution Business to SYNNEX Corporation - Business Wire businesswire.com^
  7. Concentrix Buys e4e's Divisions India Business Insight, 6 October 2011^
  8. Hyve and Zettaset Partner with IBM to Help Clients Tap Big Data Analytics Database Trends and Applications, 19 June 2012^
  9. IBM News room - 2013-09-10 IBM and SYNNEX Announce Strategic Partnership in Customer Care Market - United States ibm.com^
  10. Synnex Corp buys Westcon-Comstor Americas from South Africa's Datatec for $800 million Reuters, 6 June 2017, retrieved 9 April 2024^
  11. Michael Novinson. Synnex Completes Westcon Americas Purchase; Partners Look For Consistent Staffing, Service Levels www.crn.com, retrieved 2024-04-09^
  12. Convergys to be Acquired by SYNNEX Corporation for $2.8 Billion in Cash and Stock www.businesswire.com, 2018-06-28, retrieved 2024-05-07^
  13. Dana Cimilluca, Dana Mattioli, Cara Lombardo. Synnex to Buy Convergys for About $2.4 Billion The Wall Street Journal, 28 June 2018, retrieved 2024-05-07^
  14. SYNNEX Corporation Completes Transaction with Convergys Corporation convergys.com, retrieved 5 October 2018^
  15. Synnex splits in two with Concentrix getting its independence MicroscopeUK, retrieved 2020-04-03^
  16. finanzen net GmbH. Synnex Announces Plan To Split It Into Two markets.businessinsider.com, retrieved 2020-04-03^
  17. Lynn Haber. Synnex Concentrix Spinoff a Done Deal, Gives Partners Sharper Focus Channel Futures, 2020-12-02, retrieved 2020-12-04^
  18. Nicole Perlroth. Attempted Hack of R.N.C. and Russian Ransomware Attack Test Biden The New York Times, 8 July 2021, retrieved 10 July 2021^
  19. Jay Cridlin. Synnex shareholders approve $8 billion merger with Largo's Tech Data Tampa Bay Times, 1 July 2021, retrieved 10 July 2021^
  20. Largo's Tech Data completes $8.3 billion merger, becomes TD Synnex Tampa Bay Times, retrieved 2024-05-07^
  21. Joseph F. Kovar. It's Official: Synnex-Tech Data Is TD Synnex, The Industry's Largest IT Distributor CRN, 2021-09-01, retrieved 2021-11-08^