• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, May 23 The $15.68-billion technology distribution and solutions company Avnet Ltd has acquired 100 per cent equity in the city-based systems integrator Ontrack Solutions Ltd for an undisclosed amount.

Ontrack will enhance Avnet’s systems integration capabilities and also help in building a ‘value-added’ solutions distribution business throughout India, Mr K.P. Tang, President of Avnet Technology Solutions, Asia Pacific, said. Globally, the systems integration business contributes under 10 per cent to Avnet’s revenues.

Ontrack markets a portfolio of IT solutions from leading suppliers including IBM and HP. For the fiscal year ended March 31, 2008, Ontrack’s revenue was approximately $13 million, according to the company’s Chairman and Managing Director.

On the other hand, the NYSE-listed Avnet is a Fortune 500 company; it is considered to be one of the largest franchised distributors of electronic components and sub-systems.

Mr G. Balakrishnan and Mr Naresh Desai, joint shareholders of Ontrack, have been retained and they will continue to lead Avnet’s initiatives in India, according to a statement from Avnet.

More Stories on : Mergers & Acquisitions | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Bharti Airtel rejigs customer services

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line