Avnet (AVT) to Acquire Cloud Automation Provider Seamless Technologies

Avnet, Inc. (NYSE: AVT) announced today that it has agreed to acquire substantially all of the assets of Seamless Technologies, an IT private cloud and data center automation service provider. Seamless Technologies provides expertise and services in IT infrastructure software technologies, automation, cloud, virtualization, integration, and Information Technology Infrastructure Library (ITIL) best practices. Seamless Technologies has developed a robust cloud practice, working with customers of all sizes on their transition to private, public and hybrid cloud environments. The company generated revenue of approximately US$14 million in the 2012 calendar year.

This transaction, which is expected to close in approximately 30 days, is immediately accretive to earnings and supports Avnet's long-term return on capital goal of 12.5 percent.

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