Friday, May 23, 2008

Avnet Buys Indian Firm

Phoenix, Arizona-based Avnet said Friday morning that it has reached a definitive agreement to acquire Ontrack Solutions Pvt. Ltd of India. Ontrack Solutions, which is based in Mumbai, is a systems integrator focused on security, networking, consolidation, virtualization, storage and server solutions. Financial terms of the acquisition were not disclosed. According to Avnet, Ontrack will become part of its Avnet Technology Solutions Asia Pacific operations. The deal is subject to government approval. Avnet said Ontrack had revenues of approximately $13M for its fiscal year ended March 31, 2008.