Tech Data Corporation (commonly referred to as Tech Data) was an American multinational

distribution Distribution may refer to: Mathematics *Distribution (mathematics), generalized functions used to formulate solutions of partial differential equations * Probability distribution, the probability of a particular value or value range of a vari ...

company specializing in IT products and services headquartered in

Clearwater Clearwater or Clear Water may refer to: Places Canada * Clear Water Academy, a private Catholic school located in Calgary, Alberta * Clearwater (provincial electoral district), a former provincial electoral district in Alberta * Clearwater, Briti ...

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

. It merged with competitor

Synnex Synnex was an American multinational corporation that provides information technology (IT) services to businesses. It merged with competitor Tech Data to form TD Synnex. It was founded in 1980 by Robert T. Huang and based in Fremont, Cali ...

to form

TD Synnex TD SYNNEX is an American IT distribution company with a workforce of 22,000 in over 100 countries. On September 1, 2021, Tech Data completed a merger with Synnex creating TD SYNNEX, a new company with $59.8 billion in revenue. Through the combina ...

. Synnex is to be the primary owner (55% share). Tech Data provided a broad range of product lines, logistics capabilities and value-added services that enable technology manufacturers and resellers, such as

Google Google LLC () is an American multinational technology company focusing on search engine technology, online advertising, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence, and consumer electronics. ...

Apple An apple is an edible fruit produced by an apple tree (''Malus domestica''). Apple fruit tree, trees are agriculture, cultivated worldwide and are the most widely grown species in the genus ''Malus''. The tree originated in Central Asia, wh ...

Cisco Cisco Systems, Inc., commonly known as Cisco, is an American-based multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, ...

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, IBM,

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, LG,

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, Viewsonic,

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and

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, to deploy IT solutions. Tech Data is now one of the world's largest distributors of IT products and services, generating $37.7 billion in net sales for the fiscal year ended January 31, 2017. The company ranked No. 83 on the 2018 Fortune 500 and one of Fortune's "World's Most Admired Companies."

History

Founded in Clearwater, FL by Edward C. Raymund in November 1974, Tech Data Corporation marketed data processing supplies for mini and mainframe computers. In 1983, Tech Data began to transition from a reseller to full-line national distributor of personal computer products, a transition led by Steven A. Raymund, Edward's son. Steve A. Raymund succeeded Edward C. Raymund as Chief Executive Officer in 1986, the same year Tech Data announced its initial public stock offering on

NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

(ticker symbol: TECD). Over the past 20 years, Tech Data expanded its business into Canada, Mexico and Europe by acquiring 18 companies. Some companies acquired included Canada-based ParityPlus, Paris-based Softmart International, Munich-based Computer 2000 AG, Globelle Canada, UK-based Azlan Group PLC, Actebis AG Switzerland, Nordics-based IT distributor Scribona, Netherlands-based Triade Holding B.V., Specialist Distribution Group (SDG), and Signature Technology Group (STG). In 2013, Tech Data lost out on nearly 27 million euros in profit following an accounting error by their former financial comptroller. On August 25, 2015, Talkin' Cloud ranked Tech Data one of the world's top cloud service providers for the second consecutive year, naming Tech Data No. 24 on the annual list. In the second quarter of 2015, Tech Data posted record earnings, increasing net income by 22.4% and sales by 8%. Tech Data's data-center business is attributed with the record earnings. In September 2016, Tech Data announced that it had entered into an agreement to acquire the Technology Solutions operating group from Avnet, Inc. in a stock and cash transaction valued at approximately US$2.6 billion. Under the terms of the agreement, Avnet received at closing approximately US$2.4 billion in cash and 2.785 million shares of Tech Data common stock, representing an approximate 7 percent ownership position in Tech Data. The acquisition was closed in February 2017. ExitCertified is a wholly owned subsidiary of Tech Data Corporation with head offices in Canada (Ottawa) and the USA (Sacramento). In November 2019, Tech Data announced that

Apollo Global Management Apollo Global Management, Inc. is an American global private-equity firm. It provides investment management and invests in credit, private equity, and real assets. As of March 31, 2022, the company had $512 billion of assets under management, ...

would acquire the company for approximately $6 billion. The deal was closed on June 30, 2020. On March 22, 2021, it was announced that

would acquire 55% of Tech Data for a sum of $7.2 billion including debt.

Merger with Synnex

On September 1, 2021, Tech Data completed a merger with

. This merger created a new company with $59.8 billion in revenue,

. Through the combination of both companies, TD Synnex becomes the largest IT distributor, surpassing

Ingram Micro Ingram Micro is an American distributor of information technology products and services. The company is based in Irvine, California, U.S. and has operations around the world. History Ingram Micro's origins trace back to the founding of distrib ...

. TD Synnex is led by former Tech Data CEO, Rich Hume.

References

External links

Tech Data WebsiteExitCertified Website
{{Authority control Multinational companies headquartered in the United States Software companies based in Florida Information technology companies of the United States Distribution companies of the United States Companies based in Clearwater, Florida American companies established in 1974 Software companies established in 1974 Computer companies established in 1974 Business services companies established in 1974 1974 establishments in Florida Companies formerly listed on the Nasdaq 1980s initial public offerings 2020 mergers and acquisitions 2021 mergers and acquisitions Software companies of the United States Apollo Global Management companies

History

Merger with Synnex

See also

References

External links