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Avnet to buy India's Ontrack Solutions

Posted: 27 May 2008 ?? ?Print Version ?Bookmark and Share

Keywords:IT solution? India market? acquisition?

Avnet Inc. has reached a definitive agreement to acquire Mumbai-based IT solutions provider Ontrack Solutions Pvt. Ltd. The transaction, which is subject to government approval, is expected to close by mid-July. Ontrack will become part of the operations of Avnet Technology Solutions Asia Pacific.

Ontrack markets a portfolio of IT solutions from leading suppliers including IBM and Hewlett Packard, as well as software solutions from VMware, Citrix, DoubleTake, CheckPoint, Nokia, Websense, and RSA. Avnet will leverage Ontrack's existing footprint and capabilities to build a leading value-added solutions distribution business throughout India.

"The opportunity to expand our enterprise IT solutions footprint into the fast growing Indian market enables us to leverage our scale and scope as a global solutions distributor," John Paget, global president of Avnet Technology Solutions commented. "The acquisition of Ontrack also complements our existing computing components business in India. The skills and experience of the local team provide an excellent platform for us to build on and invest in the fastest growing IT market in Asia which is forecasted to reach $17 billion in 2009."

Avnet has had a strong presence in India since 1998 through its Avnet Electronics Marketing Group, a distributor of electronic components servicing a broad base of OEM and EMS customers. With a key office in Bangalore and sales offices in all major locations in the country, Electronics Marketing India serves customers with a comprehensive line card covering semiconductor, passive, interconnect, and electro-mechanical components.

KP Tang, president of Avnet Technology Solutions, Asia Pacific, stated, "With the acquisition of Ontrack, we are gaining a seasoned and experienced management team that shares Avnet Technology Solutions' commitment to provide value-added solutions that solve the business challenges of its customers. The current owners, G. Balakrishnan and Naresh Desai, will lead the local Avnet TS team as we invest in growth initiatives that address the increasingly complex requirements of the Indian market. Building on our recent acquisitions in Singapore/Malaysia and Australia, this investment is further evidence of Avnet's commitment to be the leader in value-added distribution of IT solutions in the Asia Pacific region."

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