Synnex

Synnex was an American multinational corporation that provides 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]

SYNNEX Corporation
IndustryIT services, IT consulting
Founded1980 (1980)
FoundersRobert T. Huang
DefunctSeptember 1, 2021 (2021-09-01)
FateMerged with Tech Data
SuccessorTD Synnex
Headquarters
Fremont, California
,
U.S.
Key people
Dennis Polk
(President & CEO)[1]
Products
Services
RevenueIncrease US$23.757 billion (2019)[2]
Increase US$813 million (2019)[2]
Increase US$500 million (2019)[2]
Total assetsIncrease US$11.697 billion (2019)[2]
Total equityIncrease US$3.788 billion (2019)[2]
Number of employees
240,000 (2019)[2]
Websitesynnexcorp.com
Synnex in Canada

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 consideration of up to $830 million.

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.[10]

In 2019, Synnex sits at number 158 on the Fortune 500 listing.[11]

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.[12][13] The spinoff was completed on 1 December 2020, with Synnex shareholders getting one share of Concentrix for each share of Synnex they held.[14]

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.[15]

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.[16] 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.[17]

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.[18]

References
  1. "Corporate Leadership Team". Synnex. 26 November 2019.
  2. "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. 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 Corporation Completes Transaction with Convergys Corporation". convergys.com. Retrieved 5 October 2018.
  11. Fortune 500 Fortune.com, Retrieved 26 November 2019
  12. "Synnex splits in two with Concentrix getting its independence". MicroscopeUK. Retrieved 3 April 2020.
  13. GmbH, finanzen net. "Synnex Announces Plan To Split It Into Two | Markets Insider". markets.businessinsider.com. Retrieved 3 April 2020.
  14. Haber, Lynn (2 December 2020). "Synnex Concentrix Spinoff a Done Deal, Gives Partners Sharper Focus". Channel Futures. Retrieved 4 December 2020.
  15. 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.
  16. Jay Cridlin (1 July 2021). "Synnex shareholders approve $8 billion merger with Largo's Tech Data". Tampa Bay Times. Retrieved 10 July 2021.
  17. SYNNEX to Combine with Tech Data Creating a Leading Global IT Distributor
  18. 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.
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