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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.
SYNNEX Corporation (NYSE: SNX) reported strong financial results for Q3 FY20, with revenue reaching $6.465 billion, a 4.2% increase from Q3 FY19. Operating income rose slightly to $209.1 million, while net income increased 9.2% to $134.5 million. Diluted EPS improved by 8.3% to $2.60. Despite these gains, non-GAAP operating income and margins saw declines. The company anticipates further growth with the proposed spin-off of Concentrix, which may boost stakeholder value.
SYNNEX Corporation (NYSE: SNX) will release its third quarter fiscal 2020 financial results on September 29, 2020, after market close. An earnings call will be held at 2:00 PM PT / 5:00 PM ET on the same day, featuring CEO Dennis Polk, CFO Marshall Witt, and EVP Chris Caldwell. Investors can access the earnings call via live audio webcast on the company's investor relations website, with a replay available later. SYNNEX is a leading business process services company with global operations across multiple regions.
SYNNEX Corporation (NYSE: SNX) announced significant progress on its plan to spin off Concentrix into an independent public company. The company filed a Form 10 Registration Statement with the SEC, removing its confidential status, signaling a major milestone in the separation process. Shareholders will own shares in both SYNNEX and Concentrix post-transaction without a shareholder vote. The separation is expected to complete in Q4 2020, dependent on customary closing conditions. The Form 10 will provide detailed business and financial information regarding the spin-off.
Concentrix has launched SecureCX™, a cutting-edge Work-at-Home (WAH) platform designed to enhance security for remote employees. This platform responds to the increasing need for safe access in remote working environments, integrating advanced digital tools like biometric authentication and real-time monitoring. Supported by 24/7 oversight, SecureCX allows customization to meet client needs. Concentrix aims to ensure maximum security for sensitive customer information, reinforcing its commitment to technological innovation in the customer experience sector.
On August 4, 2020, SYNNEX Canada Limited, a subsidiary of SYNNEX Corporation (NYSE: SNX), was awarded the 2019 HP Inc. Partner of the Year in the category of Canada Distributor of the Year. This recognition highlights SYNNEX Canada's achievements in growth and innovation. The awards celebrate top-performing partners chosen based on strategic growth and innovation criteria. SYNNEX Canada expressed gratitude for its partnership with HP and its commitment to developing innovative solutions for customers, reinforcing their collaborative success.
SYNNEX Corporation (NYSE: SNX) received recognition as the 2019 "HP Inc. Partner of the Year" for its outstanding performance in growth and innovation. The awards highlight top partners in categories such as U.S. Supplies Distributor of the Year and U.S. Print Hardware Distributor of the Year. This acknowledgment reflects SYNNEX's successful collaboration with HP, as indicated by comments from both companies' executives. The award showcases SYNNEX's strategic importance in the IT channel and the mutual commitment to enhancing customer engagement.
SYNNEX Corporation (NYSE: SNX) was awarded the Samsung Smart Signage Award for Overall Distribution Partner of the Year during Samsung's virtual event on July 22, 2020. This award recognizes SYNNEX’s achievements in successful display implementations and customer commitment in the smart signage market. The company continues to expand its market share across various verticals with dedicated sales teams and support for small-to-medium businesses.
SYNNEX Corporation (NYSE: SNX) announced that Bob Stegner, Senior VP of Marketing, North America, was inducted into the CompTIA IT Hall of Fame for his substantial contributions to the IT industry. Stegner's impact, spanning over three decades, includes founding the Varnex community and enhancing marketing strategies for partners. His induction will occur on August 6 during ChannelCon Online 2020. CompTIA acknowledges individuals who significantly advance technology and the IT channel.
Bob Stegner, senior vice president for North American marketing at SYNNEX Corporation, has been inducted into the IT Hall of Fame for his outstanding contributions to the IT channel. He will be honored in a virtual ceremony on August 6 during CompTIA's ChannelCon Online 2020. Stegner's three-decade career is marked by his advocacy for partners in technology. He has also been recognized as one of the 50 Most Influential Channel Chiefs for the 12th time, reflecting his significant impact on the industry and leadership in expanding resources for resellers.
SYNNEX Corporation (NYSE: SNX) has announced enhancements to its SYNNEX Westcon Secure Networking Program, recognized in the 2020 CRN Program Guide. The initiative includes an expanded range of virtual events and resources aimed at supporting partners in their business growth. Key offerings include the SYNNEX Enablement Portal, a gamified training platform that rewards participants with points for training completion, encouraging deeper engagement. Additionally, SYNNEX will host the Beyond Security conference virtually from August 24-26, 2020, focusing on remote workforce engagement and security.
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