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TD SYNNEX Corporation (NASDAQ: SNX) is a prominent global player in IT distribution and business services. Established in 1980, the company has evolved into a $10.4 billion giant with over 53,000 associates worldwide. Recognized for its excellence, TD SYNNEX was ranked No. 260 on the Fortune 500 list in 2014.
The company's primary operations are divided into two key segments: Technology Solutions and Global Business Services. In the Technology Solutions segment, TD SYNNEX collaborates with over 300 leading technology manufacturers, facilitating the distribution of their products through a network of more than 20,000 value-added resellers, primarily in North America. Key product categories include IT systems, peripherals, system components, software, networking, and consumer electronics. Esteemed vendor partners include HP, Intel, Panasonic, Microsoft, Lenovo, Seagate, among others.
TD SYNNEX also excels in providing comprehensive business process outsourcing services. These services encompass technical support, renewals management, demand generation, direct sales, customer service, back-office processing, and IT outsourcing. These offerings position TD SYNNEX as a vital partner for many companies looking to streamline their operations and enhance efficiency.
The company's geographical segments cover the Americas, Europe, and APJ (Asia-Pacific and Japan), ensuring a widespread market presence and the capability to serve a diverse client base.
Recent Achievements and Projects
- TD SYNNEX continues to innovate in the IT ecosystem, aggregating and distributing hardware, software, and systems including personal computing devices, mobile phones, printers, server and datacenter infrastructure, hybrid cloud solutions, security, networking, communications, and storage solutions.
- The company has maintained strong partnerships and expanded its product offerings to meet evolving market demands.
- Ongoing projects emphasize the enhancement of their IT distribution channels and the expansion of their global business services portfolio.
TD SYNNEX's commitment to excellence and innovation makes it a pivotal entity in the IT and business services sectors, with a significant impact on the market and a promising outlook for future growth.
TD SYNNEX has officially adopted its brand in Europe, Latin America, and the Caribbean following the merger of Tech Data and SYNNEX Corporation in 2021. This transition positions TD SYNNEX to better serve partners in over 100 countries. CEO Rich Hume emphasized the commitment to delivering enhanced value through a comprehensive technology portfolio and dedicated workforce. Additionally, the company aims to strengthen its reputation as a responsible corporate citizen, focusing on diversity, inclusion, and sustainability while maintaining its operations in the Asia Pacific region as Tech Data.
TD SYNNEX has rebranded its Global Lifecycle Management (GLM) division as Shyft Global Services, aiming to enhance technology companies' business transformation through specialized IT services. Employing over 1,500 experts, Shyft focuses on end-to-end product and customer lifecycle management, serving clients in over 100 countries. President John O’Shea emphasized the company's commitment to innovation and simplifying the transformation journey for clients facing budget and operational challenges.
TD SYNNEX (NYSE: SNX) has appointed Gina Rugani as the new Chief Operating Officer (COO) of Hyve Solutions, a subsidiary focused on hyperscale digital infrastructure. Rugani, an industry expert with over 30 years of experience in roles spanning marketing, sales, and IT, will oversee HR, IT, procurement, and manufacturing operations. Under her leadership, Hyve Solutions aims to enhance its impact in the tech industry, particularly in hyperscale datacenters. The appointment reflects the company's commitment to strategic growth.
TD SYNNEX has been selected as the first U.S. channel distributor for Cynet’s fully automated XDR platform, enhancing its cybersecurity offerings. This partnership aims to facilitate the deployment of Cynet’s 360 AutoXDR™ platform, which provides comprehensive automated protection against cyber threats. TD SYNNEX, with over 22,000 employees, serves over 150,000 customers globally, emphasizing a commitment to delivering innovative IT solutions. Both companies share a vision of maximizing IT investments while ensuring security against evolving cyber threats.
TD SYNNEX (NYSE: SNX) announced the launch of its unified TD SYNNEX Public Sector brand, merging DLT Solutions, Tech Data Public Sector Solutions, and SYNNEX GOVSolv. This specialized business unit aims to enhance collaboration between technology partners and U.S. public sector organizations. With over 75 years of combined experience, the unit will provide integrated solutions, including channel enablement and cybersecurity support, addressing modernization challenges in the public sector. The move positions TD SYNNEX as a significant player in simplifying IT solutions for federal, state, and local government entities.
Tech Data, a TD SYNNEX company (NYSE: SNX), has announced the expansion of its strategic partnership with Cibecs in six Asia Pacific and Japan markets, enhancing endpoint backup and security solutions. This partnership aims to leverage Cibecs Endpoint Cloud, positioning Tech Data to empower ISVs and partners with robust data protection capabilities. The enterprise data management market in Asia Pacific is expected to grow at a 12.1% CAGR from 2020 to 2026, highlighting significant growth potential for Tech Data's offerings.
TD SYNNEX (NYSE: SNX) reported impressive fiscal Q3 2022 results, with a revenue of $15.4 billion, up 194.9% year-over-year due to the Tech Data merger. Sequentially, revenue rose by 0.6%. However, operating income decreased to $241.5 million, down 4.4% quarter-over-quarter, while non-GAAP operating income remained stable at $398.3 million. The diluted EPS stood at $1.55, a 14.4% decline from the previous year. Cash used in operations was approximately $67 million, reflecting growth investments. Strong merger integration continues to drive profitability.
TD SYNNEX has launched the IAconnects MobiusFlow® Click-to-Run™ solution on Azure, aimed at simplifying smart building management. This new IoT solution enables faster setup in under an hour, facilitating air quality monitoring and energy-efficient operations. Key benefits include real-time data access, reduced commissioning costs, and the ability to customize dashboards on Microsoft Azure's IoT Platform. This initiative positions TD SYNNEX to capitalize on the growing demand for smart building solutions, enhancing partners' operational efficiencies.
TD SYNNEX (NYSE: SNX) will report its third-quarter fiscal 2022 financial results on September 27, 2022, before the U.S. market opens. A conference call hosted by Rich Hume, CEO, and Marshall Witt, CFO, will be held at 6:00 a.m. PT / 9:00 a.m. ET. Investors can access the earnings press release and live audio webcast at ir.synnex.com.
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