News : SYNNEX to Acquire The Minacs Group Pte Ltd. and Integrate with Concentrix
Fremont, CA, USA & Oshawa, Ont., Canada, July 11, 2016 -- SYNNEX Corporation (NYSE: SNX), and Minacs announced a definitive agreement in which SYNNEX will acquire Minacs and integrate it into its Concentrix business segment.
This transaction is intended to strengthen domain expertise in Concentrix’ automotive industry vertical and accelerate Marketing Optimization and IoT solutions with Minacs’ proprietary technology. The transaction also provides Concentrix more scale and reach to further serve its client base. As a result, Concentrix is expected to strengthen its competitive advantages in the marketplace.
"This strategic investment is expected to create even greater scale and a more compelling value proposition for our clients and shareholders. This transaction is also in line with our stated goals of margin expansion and diversification of our revenue," stated Kevin Murai, CEO and President of SYNNEX Corp.
"Minacs has been able to establish itself as a high value unique player in Business Services. Their investments in IoT and Marketing Optimization stand out as solutions with growing market demand, which we believe we will be able to leverage across our combined client base," said Chris Caldwell, President of Concentrix. "This acquisition is intended to increase our speed to market of these solutions and provide us new opportunities for expansion."
Anil Bhalla, CEO of Minacs, will stay with the combined company and join Concentrix’ senior executive staff. "I am confident that the combination of our capabilities will present an even more compelling value proposition to the marketplace," Bhalla said. "Across industries, clients can expect our shared vision and strategic scale to help them solve bigger, more complex business challenges."
It is anticipated that the transaction will close in late Q3 2016, subject to the satisfaction of regulatory requirements and customary closing conditions. Until the transaction is completed, the companies will continue to operate independently.
Posted by Veronica Silva Cusi, news correspondent
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A wholly owned subsidiary of SYNNEX Corporation (NYSE: SNX), Concentrix is a provider of high-value global business services. Engaged in its clients' business and invested in their outcomes, the company provides transformational solutions to drive business excellence. Concentrix helps its clients differentiate their brands and maximize value during every customer interaction. They do this by offering deep domain expertise, innovative technologies and a holistic approach to customer engagement. Based in 25 countries with a staff of more than 50,000 who speak 40+ languages, Concentrix offers industry expertise in 10 industries: Banking & Financial Services, Healthcare & Pharmaceutical, Insurance, Technology, Consumer Electronics, Retail and e-Commerce, Government & Public Sector, Media and Communications, Automotive and Travel, Transportation & Tourism.
About Synnex Corporation:
Synnex Corporation, a Fortune 500 company founded in 1980 by Robert T. Huang based in Fremont, California, is an information technology supply chain services company offering services to original equipment manufacturers, software publishers and reseller customers. The president and CEO, as of November 2008, was Kevin M. Murai.
Published: Tuesday, July 12, 2016