Avnet Inc enters Agreement to get Assets of Nexicore Services

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Avnet Inc. has entered into an agreement to acquire substantially all of the operating assets of Hartford Computer Group, Inc. and its subsidiary Nexicore Services LLC ("Nexicore"). Nexicore voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in Chicago and claims to seek Bankruptcy Court approval of the asset sale to Avnet. The sale will be conducted under Section 363 of the U.S. Bankruptcy Code and is expected to be completed in 120 days or less.

The Nexicore acquisition is said to be deployed in Avnet Integrated Resources, which provides reverse logistics and after-market services to the global technology industry. Nexicore's approximately 500 employees will be offered positions within Avnet Integrated Resources.

Steve Church, President, Avnet Integrated Resources said, "With this acquisition, we will continue to build our capabilities in the after-market services business as we deliver on our strategy to expand into adjacent businesses. Nexicore's breadth of services and experienced employees complement our existing lifecycle management operations. We will be able to provide services that benefit industrial customers as well as consumers, while having a positive impact on the environment."

Brian Mittman, CEO, Nexicore said, "Becoming part of a global enterprise like Avnet is the next step in our company's evolution. While Nexicore has experienced strong, profitable growth over the last several years, our management team believes that being part of Avnet will bring even greater capabilities and resources to our customers and employees."


For More Details See

www.varindia.com


Comments

Post a Comment

Popular posts from this blog

N Chandrasekaran appointed chairman of Tata Sons

Image
The board of directors of Tata Sons, at its meeting has unanimously appointed N Chandrasekaran as executive chairman, Tata Sons. N Chandrasekaran shall take charge from February 21, 2017. The board of Tata Sons said, “Chandrasekaran has demonstrated exemplary leadership as the chief executive officer and managing director, Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead.” Chandrasekaran was the chief executive officer and managing director of Tata Consultancy Services since 2009. A Tata lifer, he had joined the company in 1987 and was appointed as a director on the board of Tata Sons on October 25, 2016.
Read more

Visa buys NFT based CryptoPunk and paid $150,000 in Etherium

Image
Visa buys NFT based CryptoPunk and paid $150,000 in Etherium:  Leader in the digital payments   Visa   has purchased a digital CryptoPunk for $150,000, marking the company's first ever   NFT   purchase. The deal is clearly shows that, Visa is stepping into the world of NFTs with its purchase of   CryptoPunk 7610 .   Going forward, NFTs and Visa to align and integrate them in new brand strategy to gain a sizable market share. However, NFTs have often been compared to physical collectible items like rare trading cards and works of art.   The CryptoPunk 7610, which feBlatures a female punk with a mohawk and large green eyes. "We envision there could be a future where your crypto address becomes as important as your mailing address," Visa's Head of Crypto said.   An NFT - which stands for non-fungible token - is a unique digital asset designed to represent ownership of a virtual item. Unlike bitcoin and other cryptocurrencies, NFTs can’...
Read more

Prizm Payment Services changes its name to Hitachi Payment Services

Image
Hitachi Payment Services Pvt. Ltd has changed its corporate name from Prizm Payment Services Pvt. Ltd (“Prizm Payment Services”) to Hitachi Payment Services Pvt. Ltd (“Hitachi Payment Services”). “The new name reflects Hitachi’s commitment to business expansion in India, and to build a strong global financial payments offering leveraging the expertise of the Prizm Payment Services acquisition. Hitachi sees immediate potential to grow in the Asian subcontinent markets with the epicentre of growth being India, and migrate into other markets. Also, the name change will have no change on Prizm Payment Services’ operations,” said Loney Antony, Managing Director, Hitachi Payment Services. “Hitachi had acquired Prizm Payment Services with the aim of accelerating global development of IT services businesses targeting financial institutions, particularly in the fast-growing Asian region, and the company has been the gateway of entering into the services business in India for Hitachi. We ...
Read more