Siltek Asia Pacific is set to officially launch itself onto the Australian market today after the company confirmed last week subsidiary Agate has acquired rival distributor Prion Technology.
The news ends months of speculation about the possibility of a Prion buyout, with ARN first reporting in April this year it was in negotiations with CHA. Both companies later decided against the move.
The acquisition of Prion catapults Siltek to one of the top three local IT distribution companies, with the formation of a $350 million integrated group of companies under the Siltek banner.
Siltek Asia Pacific now comprises subsidiaries Agate Technology Australia and Agate Technology New Zealand, voice distributor Siltek Communications Australia, printer specialist CIE Pacific, Advance Pacific Peripherals, and now Prion.
Siltek predicts the combined companies will hit the $500 million revenue mark in the next three years.
The company will officially make the announcement to partners and the press on top of the Sydney Harbour Bridge today in what appears to be an industry-launch first.
Hugh Evans, former Agate managing director, has assumed the MD's role of Siltek Asia Pacific, with his mission to make Siltek "the supplier of choice to the channel".
Speaking to ARN prior to the official Harbour Bridge launch, he quipped that Siltek will "take IT distribution to new heights".
Siltek's announcement today follows a report in ARN (September 29, page 1) in which industry sources tipped the Prion acquisition was imminent. At the time, Evans reported Siltek was about to make a series of acquisitions that would make it the third largest distribution organisation in Australia.