Avnet to buy Ascendant Technology, no terms
Electronic components maker Avnet Inc. said Monday that it agreed to buy Ascendant Technology LLC, an information technology consulting firm that operates in North America, Europe, Brazil and India.
Financial terms were not disclosed.
Ascendant specializes in helping companies get the most out of their information technology investments with software designed for online sales, web content management, infrastructure automation, cloud computing and other business uses.
Phoenix-based Avnet said the acquisition will help expand both its product lineup and global footprint. Ascendant posted revenue of about $90 million for the 2011 calendar year.
Ascendant was founded in 2003 and employs more than 500 people. The deal, which is subject to customary closing conditions, is expected to close in the next 45 days, Avnet said.
Avnet shares rose 36 cents to $36.32 in morning trading Monday. Its stock has risen 54 percent from a 52-week low $23.69 in early August. They peaked for the past year at $38 in May 2011.