Avnet Sells Unit To ACS

Phoenix-based Avnet said this morning that it has sold one of its business units, New Prosys Corp., to an affiliate of Applied Computer Solutions. Financial terms of the deal were not announced. New Prosys Corp. is a value added reseller and provider of IT infrastructure, and was acquired by Avnet when it acquired Bell Microproducts in July of 2010. Avnet said the deal includes cash at closing plus a three year earnout. ProSys employed 360, and had revenues of $417.9M in the twelve months ended June 30, 2010. Avnet was advised by Needham & Company LLC and Squire, Sanders & Dempsey LLP in the deal.