History
Founded in Clearwater, FL by Edward C. Raymund in November 1974, Tech Data Corporation marketed data processing supplies for mini and mainframe computers. In 1983, Tech Data began to transition from a reseller to full-line national distributor of personal computer products, a transition led by Steven A. Raymund, Edward's son.
Steve A. Raymund succeeded Edward C. Raymund as chief executive officer in 1986, the same year Tech Data announced its initial public stock offering on NASDAQ (ticker symbol: TECD).
Over the past 20 years, Tech Data expanded its business into Canada, Mexico and Europe by acquiring 18 companies. Some companies acquired included Canada-based ParityPlus, Paris-based Softmart International, Munich-based Computer 2000 AG, Globelle Canada, UK-based Azlan Group PLC, Actebis AG Switzerland, Nordics-based IT distributor Scribona, Netherlands-based Triade Holding B.V., Specialist Distribution Group (SDG), and Signature Technology Group (STG).[6]
In 2013, Tech Data lost out on nearly 27 million euros in profit following an accounting error by their former financial comptroller.[7] In the second quarter of 2015, Tech Data posted record earnings, increasing net income by 22.4% and sales by 8%. Tech Data's data-center business is attributed with the record earnings.[8]
In September 2016, Tech Data announced that it had entered into an agreement to acquire the Technology Solutions operating group from Avnet, Inc. in a stock and cash transaction valued at approximately US$2.6 billion. Under the terms of the agreement, Avnet received at closing approximately US$2.4 billion in cash and 2.785 million shares of Tech Data common stock, representing an approximate 7 percent ownership position in Tech Data. The acquisition was closed in February 2017.
ExitCertified is a wholly owned subsidiary of Tech Data Corporation with head offices in Canada (Ottawa) and the USA (Sacramento).
In November 2019, Tech Data announced that Apollo Global Management would acquire the company for approximately $6 billion.[9][10] The deal was closed on June 30, 2020.
On March 22, 2021, it was announced that Synnex would acquire 55% of Tech Data for a sum of $7.2 billion including debt.[2]
Merger with Synnex
On September 1, 2021, Tech Data completed a merger with Synnex. 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. As of Sep 1, 2024 Patrick Zammit is the new CEO in place of Rich Hume.[11]
