Avnet Acquires Canvas Systems; Terms Not Disclosed
Avnet, Inc. (NYSE: AVT) announced today that it has acquired Canvas Systems, an independent supplier of IT hardware and services with operating units in the United States, the United Kingdom and the Netherlands, from Platinum Equity. Canvas Systems specializes in providing services that span the IT lifecycle.
These services include remarketing, refurbishment and environmentally compliant asset disposal services. Canvas Systems provides a secure way for customers to refresh their data center infrastructure while reducing costs and minimizing risk. This transaction is expected to be immediately accretive to earnings and supports Avnet's long-term return on capital goal of 12.5%.
Founded in 1998, Canvas Systems serves customers worldwide providing a secure route to market for data center and hardware services with a focus on reducing customer costs and minimizing their risk. The company generated revenue of approximately US$122 million in the 2011 calendar year. This acquisition will be integrated into the operations of Avnet Technology Solutions, further enhancing its services offering.
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