US firm takes over Vietnamese IT distributor

US Avnet Technology Solutions announced early this month its latest acquisition of the information technology distributor Sunshine Company, further expanding its presence and customer base in Southeast Asia.

K P Tang, president of Avnet Technology Solutions in Asia Pacific, said the investment provides a solid foundation to build upon in the growing IT market in Vietnam, one of the world’s top high growth performers in economy.

Tang did not disclose value of the acquisition but said the US firm would invest more in the local firm, which was turned into Sunshine Avnet after the acquisition.

Avnet, which served in more than 35 countries and generated $7.04 billion in annual revenue, plans to invest US$20 million in its latest acquisition, Nguyen Nhu Cuong, general director of Sunshine Avnet told Thanh Nien Weekly in a press briefing. Cuong was a founder of Sunshine in 1993.

Sunshine Avnet distributes HP, IBM, Lenovo and Samsung products. Its sales revenue is estimated to be $40 million in 2009, compared to $33 million last year.

Source: Thanhniennews

Tags: Vietnam technology, Vietnamese IT distributor