Avnet completes acquisition of itX

Avnet completes acquisition of itX

Acquisition to add to Avnet's portfolio and double its presence in the local market

Avnet has now completed the acquisition of itX in a merger valued at $77.5 million.

The transaction is expected to be immediately accretive to earnings and supports Avnet’s return on capital goals for acquisitions philosophy.

In a release, Avnet Asia Pacific president, KP Tang, said "the addition of itX to our current business will significantly enhance our competitive position in Australia by expanding the portfolio of solutions we can offer.

"Their strength in services and software complements Avnet’s expertise in the data centre and will create opportunities for cross selling into the combined customer base.”

itX currently employs approximately 150 employees and in the last fiscal year generated $159.6 million in revenue.

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