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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.
On July 6, 2021, SYNNEX Corporation (NYSE: SNX) acknowledged attempts by external actors to access customer applications within the Microsoft cloud environment. These actions are possibly linked to recent cybersecurity incidents involving Managed Service Providers. SYNNEX, which is not classified as an MSP, is actively collaborating with Microsoft and a third-party cybersecurity firm to address the situation. The company's systems remained operational throughout the incident, and it continues to prioritize secure operations for its customers and their end-users.
SYNNEX Corporation (NYSE: SNX) stockholders have approved the merger with Tech Data, as announced during a special meeting held on June 30, 2021. The merger is subject to regulatory approvals and customary closing conditions, with completion expected in the second half of 2021. CEO Dennis Polk expressed gratitude to shareholders for their support. The merger aims to enhance SYNNEX's distribution, systems design, and integration services in the technology industry, potentially expanding market reach and operational efficiency.
ORock Technologies has signed a distribution agreement with SYNNEX Corporation (NYSE: SNX) to enhance its cloud business, speeding up sales cycles within SYNNEX's extensive partner ecosystem. This partnership positions ORock to serve highly regulated industries and government agencies with secure cloud solutions. With its latest offering, ORockCloud, utilizing Lockheed Martin’s Secure Runtime Environment and Intel processors, ORock aims to ensure secure, high-performance computing for mission-critical workloads. This agreement underscores both companies' commitment to modernization and security at scale.
SDV Solutions, a Service-Disabled Veteran-Owned Small Business, has announced a partnership with SYNNEX Corporation (NYSE: SNX) to provide third-party multi-vendor (TPM) support and hardware maintenance tailored for Federal Government agencies. This collaboration aims to leverage SDV Solutions' certified technicians and support services, enhancing SYNNEX's offerings in the Federal sector. Established in 2004, SDV Solutions brings extensive experience in serving Government contracts, while SYNNEX is recognized as a leading provider in technology distribution and integration.
SYNNEX Corporation (NYSE: SNX) reported strong fiscal Q2 2021 results, with revenue increasing by 31.0% to $5.9 billion compared to $4.5 billion in Q2 FY20. Operating income rose 67.8% to $148 million, while non-GAAP operating income also grew by 67.0% to $170 million. Diluted earnings per share from continuing operations reached $1.78, a significant 83.5% increase year-over-year. The company's return on invested capital (ROIC) was 17.5%, highlighting effective capital usage. SYNNEX forecasts continued growth for Q3 FY21, driven by a positive IT spending environment.
SYNNEX Corporation (NYSE: SNX) will release its financial results for the second quarter of fiscal 2021 on June 24, 2021, after market close. A conference call led by CEO Dennis Polk and CFO Marshall Witt will take place at 2:00 PM PT / 5:00 PM ET on the same day. The earnings press release and a live audio webcast will be available at ir.synnex.com, with a replay accessible post-call.
Smart Charging Technologies LLC (SCT) has partnered with SYNNEX Corporation (NYSE: SNX) through a distribution agreement for their innovative IoT product, Switch Always On. This collaboration aims to enhance SCT's market presence by leveraging SYNNEX's extensive network in the Networking and Power Equipment sectors. SYNNEX's established reseller base will provide significant access to IT service providers and SMBs, boosting the rollout of the Switch Always On product line. This agreement is expected to promote SCT's growth in providing reliable power solutions crucial for remote work and virtual learning.
SYNNEX Corporation (NYSE: SNX) has celebrated its rise to #117 on the 2021 FORTUNE 500 List, climbing up 13 positions from the previous year. The company reported a substantial revenue of $24.7 billion for fiscal 2020. President and CEO Dennis Polk emphasized the role of their dedicated team over the past 40 years in achieving this success. He expressed optimism for future growth in the evolving IT marketplace, aiming to support customer and vendor partners amid digital transformation.
SYNNEX Corporation (NYSE: SNX) and its subsidiary SYNNEX Canada Limited were awarded Aruba's 2021 Distributors of the Year for the US and Canada. This recognition highlights their exceptional sales performance and commitment to customer service in Aruba solutions. Achievements include growth in the SMB market and leading market share. SYNNEX has the largest dedicated support team in the channel, reinforcing its position in network distribution. The awards were announced at Aruba's Atmosphere '21 Partner Forum, emphasizing the company's collaboration and success amid the digital transformation trend.
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