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avnet buying seamless technologies

Avnet (AVT) is acquiring Seamless Technologies (my employer).

Full Press Release (well, the important part): (and WSJ reprint)

Avnet, Inc. Announces Agreement to Acquire Assets of Seamless Technologies, Inc.

Significantly Expands Cloud and Automation Solutions

PHOENIX–(BUSINESS WIRE)– Avnet, Inc. (NYSE:AVT) announced today that it has agreed to acquire substantially all of the assets of Seamless Technologies, an IT private cloud and data center automation service provider. Seamless Technologies provides expertise and services in IT infrastructure software technologies, automation, cloud, virtualization, integration, and Information Technology Infrastructure Library (ITIL) best practices. Seamless Technologies has developed a robust cloud practice, working with customers of all sizes on their transition to private, public and hybrid cloud environments. The company generated revenue of approximately US$14 million in the 2012 calendar year.

“Recent services acquisitions have been well-received by our partners. This latest acquisition adds a critical component to our expanding services portfolio, with private cloud, virtualization and data center automation services that broaden and deepen our suite of solutions for our customers,” said Tony Vottima, senior vice president and general manager, Avnet Services, Americas. “Our capabilities span presales through implementation, training and managed services, which create new opportunities for our suppliers and reseller partners.”

Founded in 1992, Seamless Technologies has created a unique set of intellectual property and software that enables faster integration and deployment of large-scale private cloud and IT infrastructure environments. This acquisition will be integrated into the operations of Avnet Services.

“The addition of these new service offerings supports our long-range vision of solutions distribution, delivering technologies, services and solutions that provide high business value and accelerate hardware, software and services sales. Seamless Technologies’ domain expertise in financial services, healthcare, and insurance will complement our SolutionsPath® strategy and enable our partners and customers to achieve their business goals,” Vottima added.

This transaction, which is expected to close in approximately 30 days, is immediately accretive to earnings and supports Avnet’s long-term return on capital goal of 12.5 percent.