Avnet to Sell Vandasoft Technology Holdings to PCCW Solutions

Avnet, Inc.

announced today that it has reached an agreement to sell Vandasoft Technology Holdings Limited, Avnet Vanda Group's banking application business in China (Vanda China) to PCCW Solutions. Avnet will continue to own and operate the Vanda Hong Kong and Macau system integration business, providing systems integration services and solutions incorporating hardware and software from major suppliers. Once the transaction is complete, Vanda China will continue to deliver a rich portfolio of banking software to clients as part of PCCW Solutions. Vanda China has offices in 6 major cities and a service team covering over 20 provinces across China. "This transaction divests a non-core asset for Avnet and