The long-awaited acquisition of privately owned systems integrator and VAR Integrand Solutions (IS) has been completed and surprise surprise -- the buyer is US giant Avnet CorporationAnd coinciding with the sale, the big Compaq reseller has also signed up as a Hewlett-Packard reseller.
The deal follows a third year of 50 per cent growth, with revenues for the 1999 fiscal year exceeding $50 million. IS founder and former owner David Hayman said that while the financial details of the sale were confidential, he was very happy with the deal. ARN first reported on news of the deal on July 29 when Avnet's US chairman, Roy Vallee, approved funds for the acquisition.
As a result of the buyout, Avnet Computer Marketing Group's fledgling Australian operation has instantly become the largest Compaq reseller in the enterprise space, and will be known as Avnet Integrand.
Effective immediately, Colin McKenna is managing director of Avnet Integrand. According to McKenna, the management and staff of IS have all been retained, with Hayman taking the role of operations director, and the rest of the IS management forming the core of the new entity. "Avnet gives us access to skills with which we can develop new markets, especially in the e-commerce arena," McKenna said.
Meanwhile, McKenna revealed that Avnet Integrand has also signed a direct reseller deal with Hewlett-Packard.
He told ARN that with the backing of Avnet's financial muscle and technical support, he was "excited about the prospects of further growth, and we expect to be doing $65 million this year".
He added that Hayman was keen to stay on with the company he founded, and that Avnet was keen to have him. A major part of Hayman's role will be developing the rental and refurbished market.
McKenna will report to the recently appointed senior vice president of Avnet Computer Marketing Group Asia-Pacific. His name? - Ned Kelly.