Electronics Production | January 05, 2011
Avnet sells off New ProSys
Avnet has sold New ProSys to ACS Acquisition, an affiliate of Applied Computer Solutions.
Avnet acquired ProSys as part of the Bell Microproducts acquisition on July 6, 2010, and announced its intention to sell this VAR business at that time. Total consideration for the sale includes both a cash payment at closing and a three-year earn-out based upon ProSys' anticipated results. ProSys employs 360 people and had revenues of USD 417.9 million in the twelve months ending June 30, 2010. "This transaction divests a non-core asset and will allow ProSys to join one of the largest and fastest growing resellers in North America focused exclusively on end-user customers where they can leverage their capabilities to address an expanded set of opportunities. Avnet Technology Solutions has enjoyed a long and successful partnership with Applied Computer Solutions and we look forward to expanding that relationship with the addition of ProSys to their business," stated Rick Hamada, Avnet President and Chief Operating Officer.