Avnet announces sale of New ProSys Corp.

PHOENIX, USA: Avnet Inc. announced that it has sold New ProSys Corp., a value-added reseller and a leading provider of IT infrastructure solutions to abroad range of markets, to ACS Acquisition Corp., an affiliate of Applied Computer Solutions.

Avnet acquired ProSys as part of the Bell Microproducts acquisition on July 6, 2010, and announced its intention to sell this VAR business at that time. Total consideration for the sale includes both a cash payment at closing and a three-year earn-out based upon ProSys’ anticipated results.

“This transaction divests a non-core asset and will allow ProSys to join one of the largest and fastest growing resellers in North America focused exclusively on end-user customers where they can leverage their capabilities to address an expanded set of opportunities,” stated Rick Hamada, Avnet president and COO.

“Avnet Technology Solutions has enjoyed a long and successful partnership with Applied Computer Solutions and we look forward to expanding that relationship with the addition of ProSys to their business.”

ProSys, which employs 360 people and had revenues of $417.9 million in the twelve months ended June 30, 2010, deploys customized, leading-edge solutions from premier technology vendors that help enterprise, public sector and educational customers address their most complex IT infrastructure needs.

Needham & Company, LLC acted as a financial advisor and Squire, Sanders & Dempsey LLP acted as legal counsel to Avnet in connection with this transaction.