Synnex

Last updated

SYNNEX Corporation
Industry IT services, IT consulting
Founded1980;44 years ago (1980)
FoundersRobert T. Huang
DefunctSeptember 1, 2021 (2021-09-01)
FateMerged with Tech Data
Successor TD Synnex
Headquarters
Fremont, California
,
U.S.
Key people
Dennis Polk
(President & CEO) [1]
Products
Services
RevenueIncrease2.svg US$23.757 billion(2019) [2]
Increase2.svgUS$813 million(2019) [2]
Increase2.svgUS$500 million(2019) [2]
Total assets Increase2.svgUS$11.697 billion(2019) [2]
Total equity Increase2.svgUS$3.788 billion(2019) [2]
Number of employees
240,000 (2019) [2]
Website synnexcorp.com
Synnex in Canada SynnexMarkham.jpg
Synnex in Canada

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]

Contents

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. On 5 October 2018, Convergys Corporation and Synnex announced that they have completed the merger. [12]

In 2019, Synnex sits at number 158 on the Fortune 500 listing. [13]

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. [14] [15] The spinoff was completed on 1 December 2020, with Synnex shareholders getting one share of Concentrix for each share of Synnex they held. [16]

In July 2020, 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. [17]

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. [18] MiTAC Holdings Corp. and its affiliates, which collectively owns about 17% of Synnex shares as of 22 January 2021, voted their shares in favor of the transaction. [19]

Merger with Tech Data

On September 1, 2021, Synnex completed a merger with Tech Data. 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. [20]

Related Research Articles

<span class="mw-page-title-main">Compaq</span> American information technology company

Compaq Computer Corporation was an American information technology company founded in 1982 that developed, sold, and supported computers and related products and services. Compaq produced some of the first IBM PC compatible computers, being the second company after Columbia Data Products to legally reverse engineer the BIOS of the IBM Personal Computer. It rose to become the largest supplier of PC systems during the 1990s before being overtaken by Dell in 2001. Struggling to keep up in the price wars against Dell, as well as with a risky acquisition of DEC, Compaq was acquired for US$25 billion by HP in 2002. The Compaq brand remained in use by HP for lower-end systems until 2013 when it was discontinued. Since 2013, the brand is currently licensed to third parties for use on electronics in Brazil and India.

<span class="mw-page-title-main">Convergys</span> American call center software company

Convergys Corporation was a corporation based in Cincinnati, Ohio, that sold customer management and information management products, primarily to large corporations. Customer management products included agent assisted, self-service and care software tailored to the communications, financial services, technology, retail, healthcare and government markets. Information management provided convergent billing and business support system (BSS) products and services including revenue management, product and order management, and customer care management to telecom, utilities, and cable/satellite/broadband service providers. They had approximately 130,000 employees across 33 countries.

Managed services is the practice of outsourcing the responsibility for maintaining, and anticipating need for, a range of processes and functions, ostensibly for the purpose of improved operations and reduced budgetary expenditures through the reduction of directly-employed staff. It is an alternative to the break/fix or on-demand outsourcing model where the service provider performs on-demand services and bills the customer only for the work done.

<span class="mw-page-title-main">William Amelio</span> American business executive

William J. "Bill" Amelio is an American business executive who was the CEO of Lenovo. He was also the CEO of Avnet.

<span class="mw-page-title-main">Tech Data</span> U.S.-based technology company

Tech Data Corporation was an American multinational distribution company specializing in IT products and services headquartered in Clearwater, Florida. It merged with competitor Synnex to form TD Synnex. Synnex is to be the primary owner. Tech Data provided a broad range of product lines, logistics capabilities and value-added services that enable technology manufacturers and resellers, such as Google, Apple, Cisco, Dell, Fortinet, Hewlett Packard Enterprise, HP Inc., IBM, Lenovo, LG, Microsoft, Sony, Trend Micro, Viewsonic, TP-Link and VMware, to deploy IT solutions.

Iron Mountain Inc. is an American enterprise information management services company founded in 1951 and headquartered in Boston, Massachusetts. Its records management, information destruction, and data backup and recovery services are supplied to more than 220,000 customers in 58 countries throughout North America, Europe, Latin America, Africa, Asia, and Australia. As of 2020 over 94% of Fortune 1000 companies use Iron Mountain's services to store and manage their information in some capacity.

Mphasis Limited is an Indian multinational information technology services and consulting company based in Bangalore. The company provides infrastructure technology and applications outsourcing services, as well as architecture guidance, application development and integration, and application management services. It serves financial services, telecom, logistics, and technology industries. Mphasis was ranked #7 in India IT companies and overall #189 by Fortune India 500 in 2019. In April 2016, Hewlett Packard Enterprise sold the majority of its stake in Mphasis to Blackstone Group LP for around US$1 billion.

<span class="mw-page-title-main">Splunk</span> American technology company

Splunk Inc. is an American software company based in San Francisco, California, that produces software for searching, monitoring, and analyzing machine-generated data via a web-style interface. Its software helps capture, index and correlate real-time data in a searchable repository, from which it can generate graphs, reports, alerts, dashboards and visualizations.

Concentrix is an American business services company specializing in customer engagement and business performance. Concentrix was a subsidiary of SYNNEX Corporation since 2006 and went public as an independent company on December 1, 2020. Concentrix is headquartered in Fremont, California.

Stream Global Services, was a BPO company acquired by Convergys through a definitive merger, together with more than 37,000 employees in 22 countries and 50 contact centers. The footprint of the company included countries across North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

<span class="mw-page-title-main">Minacs</span>

Minacs was a Canadian business and technology outsourcing company, headquartered in Oshawa, Ontario. The company provided outsourced customer life cycle, marketing, finance and accounting, procurement, and information technology services.

<span class="mw-page-title-main">Mellanox Technologies</span> Israeli-American multinational supplier of computer networking products

Mellanox Technologies Ltd. was an Israeli-American multinational supplier of computer networking products based on InfiniBand and Ethernet technology. Mellanox offered adapters, switches, software, cables and silicon for markets including high-performance computing, data centers, cloud computing, computer data storage and financial services.

<span class="mw-page-title-main">Jeffrey Fox</span> American businessperson

Jeff Fox is an American businessperson who presently serves as the CEO and founder of Circumference Group, overseeing the firm’s management and business strategy.

<span class="mw-page-title-main">UKG</span> American software company

UKG is an American multinational technology company with dual headquarters in Lowell, Massachusetts, and Weston, Florida. It provides workforce management and human resource management services.

<span class="mw-page-title-main">Virtustream</span> Cloud computing management software provider

Virtustream was a provider of cloud computing management software, infrastructure as a service ("IaaS") and managed services to enterprises, governments and service providers. It was a subsidiary of Dell Technologies.

Datatec Limited, also known as Datatec Group, is an international ICT solutions and services group operating in more than 50 countries across North America, Latin America, Europe, Africa, Middle East, and Asia-Pacific. Through three core divisions, the Group offers Integration and Managed Services and Technology Distribution and Financial Services.

<span class="mw-page-title-main">IBM</span> American multinational technology corporation

International Business Machines Corporation, nicknamed Big Blue, is an American multinational technology company headquartered in Armonk, New York and present in over 175 countries. IBM is the largest industrial research organization in the world, with 19 research facilities across a dozen countries, having held the record for most annual U.S. patents generated by a business for 29 consecutive years from 1993 to 2021.

<span class="mw-page-title-main">Dell Technologies</span> American multinational technology company

Dell Technologies Inc. is an American multinational technology company headquartered in Round Rock, Texas. It was formed as a result of the September 2016 merger of Dell and EMC Corporation.

<span class="mw-page-title-main">Datto (company)</span> American cybersecurity and data backup company

Datto, Inc. is an American cybersecurity and data backup company. In 2017, it was acquired by Vista Equity Partners. In 2022, it became a subsidiary of Kaseya.

TD SYNNEX is an American IT distribution company with a workforce of 22,000 in over 100 countries. It was formed in 2021 by the merger of Synnex and Tech Data. TD SYNNEX is led by former Tech Data CEO, Rich Hume.

References

  1. ↑ "Corporate Leadership Team". Synnex. 26 November 2019.
  2. 1 2 3 4 5 6 "Synnex Corporation 2019 Annual Report (Form 10-K)" (PDF). 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 8 December 2020.
  5. 1 2 Munro, J. (25 July 2010). "Synnex keeps moving despite economic slowdown". The Greenville News.
  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. ↑ Novinson, Michael. "Synnex Completes Westcon Americas Purchase; Partners Look For Consistent Staffing, Service Levels | CRN". www.crn.com. Retrieved 9 April 2024.
  12. ↑ "SYNNEX Corporation Completes Transaction with Convergys Corporation". convergys.com. Retrieved 5 October 2018.
  13. ↑ Fortune 500 Fortune.com, Retrieved 26 November 2019
  14. ↑ "Synnex splits in two with Concentrix getting its independence". MicroscopeUK. Retrieved 3 April 2020.
  15. ↑ GmbH, finanzen net. "Synnex Announces Plan To Split It Into Two | Markets Insider". markets.businessinsider.com. Retrieved 3 April 2020.
  16. ↑ Haber, Lynn (2 December 2020). "Synnex Concentrix Spinoff a Done Deal, Gives Partners Sharper Focus". Channel Futures. Retrieved 4 December 2020.
  17. ↑ Nicole Perlroth; David E. Sanger (8 July 2021). "Attempted Hack of R.N.C. and Russian Ransomware Attack Test Biden". The New York Times . Retrieved 10 July 2021.
  18. ↑ Jay Cridlin (1 July 2021). "Synnex shareholders approve $8 billion merger with Largo's Tech Data". Tampa Bay Times. Retrieved 10 July 2021.
  19. ↑ SYNNEX to Combine with Tech Data Creating a Leading Global IT Distributor
  20. ↑ Kovar, Joseph F. (1 September 2021). "It's Official: Synnex-Tech Data Is TD Synnex, The Industry's Largest IT Distributor". CRN. Retrieved 8 November 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.