Avnet Divests Chinese Unit

Phoenix-based Avnet, the technology distribution giant, announced today that it is selling a Chinese banking software developer, vandasoft Technology Holdings Limited, which was part of its Avnet Vanda Group. Avnet said it will sell that banking software unit to PCCW Solutions. Avnet described the banking software unit as a "non-core asset", but that it will continue to operate the Vanda Hong Kong and Macau system integration business. Those businesses are closer to Avnet's core business, and provide systems integration services and solutions which incorporate hardware and software from major suppliers. Financial details of the divestment were not announced.