TD SYNNEX Corporation reports developments tied to its role as a global distributor and solutions aggregator for the IT ecosystem. The company’s distribution business spans IT hardware, software and systems across the Americas, Europe, and Asia-Pacific and Japan, while Hyve Solutions designs, manufactures and delivers traditional and accelerated compute, cloud and connected infrastructure worldwide.
Recurring news includes vendor awards and channel partnerships with major technology providers, expansion of AI infrastructure, cloud commerce, cybersecurity, secure networking and managed-service offerings, and partner enablement programs. Company updates also cover quarterly operating results, dividends, segment reporting and the performance of its global distribution and Hyve Solutions businesses.
TD SYNNEX has rebranded its Global Lifecycle Management (GLM) division as Shyft Global Services, aiming to enhance technology companies' business transformation through specialized IT services. Employing over 1,500 experts, Shyft focuses on end-to-end product and customer lifecycle management, serving clients in over 100 countries. President John O’Shea emphasized the company's commitment to innovation and simplifying the transformation journey for clients facing budget and operational challenges.
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TD SYNNEX (NYSE: SNX) has appointed Gina Rugani as the new Chief Operating Officer (COO) of Hyve Solutions, a subsidiary focused on hyperscale digital infrastructure. Rugani, an industry expert with over 30 years of experience in roles spanning marketing, sales, and IT, will oversee HR, IT, procurement, and manufacturing operations. Under her leadership, Hyve Solutions aims to enhance its impact in the tech industry, particularly in hyperscale datacenters. The appointment reflects the company's commitment to strategic growth.
TD SYNNEX has been selected as the first U.S. channel distributor for Cynet’s fully automated XDR platform, enhancing its cybersecurity offerings. This partnership aims to facilitate the deployment of Cynet’s 360 AutoXDR™ platform, which provides comprehensive automated protection against cyber threats. TD SYNNEX, with over 22,000 employees, serves over 150,000 customers globally, emphasizing a commitment to delivering innovative IT solutions. Both companies share a vision of maximizing IT investments while ensuring security against evolving cyber threats.
TD SYNNEX (NYSE: SNX) announced the launch of its unified TD SYNNEX Public Sector brand, merging DLT Solutions, Tech Data Public Sector Solutions, and SYNNEX GOVSolv. This specialized business unit aims to enhance collaboration between technology partners and U.S. public sector organizations. With over 75 years of combined experience, the unit will provide integrated solutions, including channel enablement and cybersecurity support, addressing modernization challenges in the public sector. The move positions TD SYNNEX as a significant player in simplifying IT solutions for federal, state, and local government entities.
Tech Data, a TD SYNNEX company (NYSE: SNX), has announced the expansion of its strategic partnership with Cibecs in six Asia Pacific and Japan markets, enhancing endpoint backup and security solutions. This partnership aims to leverage Cibecs Endpoint Cloud, positioning Tech Data to empower ISVs and partners with robust data protection capabilities. The enterprise data management market in Asia Pacific is expected to grow at a 12.1% CAGR from 2020 to 2026, highlighting significant growth potential for Tech Data's offerings.
TD SYNNEX (NYSE: SNX) reported impressive fiscal Q3 2022 results, with a revenue of $15.4 billion, up 194.9% year-over-year due to the Tech Data merger. Sequentially, revenue rose by 0.6%. However, operating income decreased to $241.5 million, down 4.4% quarter-over-quarter, while non-GAAP operating income remained stable at $398.3 million. The diluted EPS stood at $1.55, a 14.4% decline from the previous year. Cash used in operations was approximately $67 million, reflecting growth investments. Strong merger integration continues to drive profitability.
TD SYNNEX has launched the IAconnects MobiusFlow® Click-to-Run™ solution on Azure, aimed at simplifying smart building management. This new IoT solution enables faster setup in under an hour, facilitating air quality monitoring and energy-efficient operations. Key benefits include real-time data access, reduced commissioning costs, and the ability to customize dashboards on Microsoft Azure's IoT Platform. This initiative positions TD SYNNEX to capitalize on the growing demand for smart building solutions, enhancing partners' operational efficiencies.
TD SYNNEX (NYSE: SNX) will report its third-quarter fiscal 2022 financial results on September 27, 2022, before the U.S. market opens. A conference call hosted by Rich Hume, CEO, and Marshall Witt, CFO, will be held at 6:00 a.m. PT / 9:00 a.m. ET. Investors can access the earnings press release and live audio webcast at ir.synnex.com.
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