Avnet, Inc. to Acquire Ontrack Solutions Pvt Ltd

Avnet, Inc. announced that it has reached a definitive agreement to acquire Ontrack Solutions Pvt. Ltd. (Ontrack) of India. A Mumbai-based systems integrator established in 1993, Ontrack is known in the market as a leader in security, networking, consolidation, virtualization, storage and server solutions. From nine locations throughout India, Ontrack supports customers in a variety of end markets including banking, industrial and manufacturing. The transaction, which is subject to government approval, is expected to close by mid-July 2008. Ontrack will become part of the operations of Avnet Technology Solutions Asia Pacific.

Ontrack markets a portfolio of IT solutions from leading suppliers including IBM and HP, as well as software solutions from VMware, Citrix, DoubleTake, CheckPoint, Nokia, Websense, and RSA. For the fiscal year ended March 31, 2008, Ontrack’s revenue was approximately US$13 million. Avnet will leverage Ontrack’s existing footprint and capabilities to build a leading value-added solutions distribution business throughout India. The transaction is expected to be immediately accretive to earnings and supports Avnet's long-term return on capital goals.

Avnet