Welcome to our dedicated page for TD SYNNEX CORPORATION news (Ticker: SNX), a resource for investors and traders seeking the latest updates and insights on TD SYNNEX CORPORATION stock.
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 announced a partnership with Tugboat Logic to enhance its security portfolio by distributing Tugboat Logic's SaaS platform for security compliance and assurance in North America. This agreement marks Tugboat Logic's first distribution collaboration, aiming to accelerate its growth within the channel partner network. With increasing cybersecurity threats, the partnership focuses on automating infosec policy creation and audit processes, providing significant benefits for businesses. The alliance is expected to improve channel partner engagement and expand market reach.
Tech Data, a TD SYNNEX company, has signed a Distributor Agreement with Freshworks Inc. (NASDAQ: FRSH) to distribute Freshworks' business solutions in India. This partnership enables Tech Data's customers to leverage Freshworks' customer and employee engagement software. The agreement aims to enhance the IT ecosystem by providing actionable insights and promoting new consumption models, thereby supporting business growth in the region.
TD SYNNEX, a key player in the IT distribution landscape, has been awarded the FY21 Americas Distributor of the Year by Cohesity. This accolade recognizes the exceptional operational excellence, innovation, and partner support that TD SYNNEX has demonstrated. Michael Urban, president of Americas at TD SYNNEX, emphasized the importance of strategic partnerships in delivering effective technology solutions. The award was announced during the FY21 Cohesity Partner Kickoff event, highlighting the collaborative efforts that drive growth and value in the technology ecosystem.
TD SYNNEX (SNX) reported a revenue of $5.2 billion for Q3 FY21, down 1.9% from $5.3 billion in Q3 FY20. Operating income increased to $148 million, a 12.0% rise from the previous year. Non-GAAP operating income saw a 13.2% increase to $168.2 million. The diluted EPS from continuing operations rose 9.7% to $1.81. Despite overall revenue decline due to supply chain shortages, the company demonstrated improved margins and strong cash flow performance. The fourth quarter outlook is optimistic, focusing on integration and expansion.
TD SYNNEX has announced a partnership with Zscaler to provide security solutions through the Zscaler Zero Trust Exchange platform. This collaboration will enable TD SYNNEX's partners to access enhanced security offerings, enhancing their digital transformation efforts amidst rising cyber threats. The partnership aims to expand channel partnerships, with a focus on cloud-enabled architecture that supports transition from on-premise models. TD SYNNEX serves over 150,000 customers globally and is committed to delivering comprehensive IT solutions that drive business growth.
McAfee Enterprise has partnered with IBM Security to launch a comprehensive security solution for TD SYNNEX customers, enhancing protection against cloud and endpoint threats. The collaboration focuses on integrating McAfee's MVISION Device-to-Cloud Platform with IBM's QRadar, facilitating improved visibility, control, and threat remediation capabilities. This first-ever joint solution is essential for businesses seeking robust security postures in the evolving digital landscape. Customers can access this integrated security offering through TD SYNNEX's distribution network, aimed at strengthening defenses amid rising cyber risks.
Tech Data, a TD SYNNEX company (NYSE: SNX), announced a distribution agreement with Palo Alto Networks to enhance cybersecurity offerings in India and SAARC. This partnership aims to bolster Tech Data's Network Security portfolio and assist organizations in addressing modern security challenges. With the rise of digital transformation, both companies aim to innovate and secure cloud infrastructures using AI-driven solutions. This collaboration is expected to provide added value to resellers and improve cybersecurity practices for clients across the region.
TD SYNNEX (NYSE: SNX) will report its Q3 fiscal 2021 financial results on September 28, 2021, before market open. A conference call will follow at 6:00 AM PT and 9:00 AM ET, featuring CEO Rich Hume and CFO Marshall Witt. The earnings press release and an audio webcast will be available on their investor relations website. TD SYNNEX serves over 150,000 customers worldwide and boasts an extensive portfolio in high-growth technology sectors.
TD SYNNEX (NYSE: SNX) announced a newly formed Board of Directors, integrating members from SYNNEX and Tech Data, along with new addition, Merline Saintil. Executive Chair Dennis Polk emphasized the board's diverse expertise, which aims to elevate the company’s strategic priorities and stakeholder engagement. Departing members include Kevin Murai and Dwight Steffensen. The announcement reflects SYNNEX's commitment to leadership quality as it navigates its next growth phase.
TD SYNNEX has successfully completed its merger, combining SYNNEX Corporation and Tech Data Corporation under the new entity TD SYNNEX. This merger enhances its global distribution capabilities across over 100 countries and strengthens its product offerings in key technology segments. Led by Rich Hume, the company aims to deliver superior value and innovation to its customers and vendors. Apollo Global Management received 44 million shares and $1.1 billion in cash through the merger.
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