TD SYNNEX CORPORATION - SNX STOCK NEWS

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.

On May 12, 2021, SYNNEX Corporation (NYSE: SNX) announced that 16 of its executives were recognized in CRN's 2021 Women of the Channel list, with two, Willa Flemate and Reyna Thompson, making the Power 100 list. This annual acknowledgment celebrates the contributions of women in the IT channel. SYNNEX's leadership emphasizes innovation and collaboration, enhancing partner capabilities in areas like AI and Digital Transformation. This recognition reflects the organization's commitment to diversity and leadership in the technology distribution sector.

Fudo Security has partnered with SYNNEX Corporation (NYSE: SNX) through a distribution agreement that enables SYNNEX to offer Fudo's advanced privileged access management (PAM) solutions. This collaboration aims to enhance cybersecurity for organizations by providing comprehensive monitoring of remote access and sessions, essential for Zero Trust strategies. Fudo PAM is lauded for quick deployment and its ability to detect suspicious activities, ensuring robust protection against threats. The partnership positions both companies to leverage the growing cybersecurity market.

On April 19, 2021, SYNNEX Corporation (NYSE: SNX) announced the establishment of a $5.0 billion credit facility, which includes a $1.5 billion term loan and a $3.5 billion revolving credit facility. This facility will replace part of the $7.5 billion bridge commitments related to its proposed merger with Tech Data. The deal is expected to close in the second half of 2021, subject to regulatory approvals and stockholder consent. SYNNEX plans to use the loan to refinance debt from both companies and maintain a strong cash flow and investment-grade credit profile.

SYNNEX Corporation (NYSE: SNX) announced a distribution agreement with Citrix Systems (NASDAQ: CTXS) on April 19, 2021. This partnership allows SYNNEX to provide its partner community access to Citrix's digital workspace solutions, aimed at enhancing remote work capabilities. The solutions will be available through SYNNEX Stellr in the U.S. and Canada. This agreement positions SYNNEX to deliver scalable, cloud-enabled workspaces, responding to the increased demand for hybrid work environments driven by the pandemic.

Sonim Technologies (Nasdaq: SONM) has entered an agreement with SYNNEX Corporation (NYSE: SNX) for the distribution of its RS60 and RS80 rugged SmartScanners and XP8 ultra-rugged smartphones across North America. The partnership aims to leverage SYNNEX's strong relationships with resellers in sectors like industrial and public safety. The devices feature durable designs suitable for extreme environments, promising lower total cost of ownership due to their proven reliability. Both firms are optimistic about the potential impact of this collaboration on workforce communication.

Hyve Solutions Corporation, a subsidiary of SYNNEX Corporation (NYSE: SNX), announced the integration of 3rd Gen Intel Xeon Scalable processors across its platforms. This upgrade aims to deliver 150% increased I/O bandwidth for AI and storage and a 50% performance boost for general compute applications. The new processors enhance flexibility, security, and efficiency, making them suitable for diverse workloads, including cloud and IoT. Hyve is committed to leveraging its partnership with Intel to meet customer demands effectively.

SYNNEX Corporation (NYSE: SNX) reported strong financial results for Q1 FY21, with revenue reaching $4.9 billion, a 21.0% increase year-over-year. Operating income grew to $142 million, up 41.1%, while non-GAAP operating income rose to $156 million, reflecting a 35.0% increase. Diluted EPS was $1.69, an increase of 28.0%. The company noted robust demand driven by digital transformation and remote enablement investments. The outlook for Q2 FY21 remains positive, supported by ongoing IT spending.

SYNNEX Corporation (NYSE: SNX) has entered a definitive merger agreement with Tech Data, valued at approximately $7.2 billion. The merger aims to create a combined entity with about $57 billion in pro forma annual revenues and a workforce of over 22,000. SYNNEX shareholders will own 55% of the new company, while Apollo Funds will hold 45%. Significant benefits include enhanced global reach, operational efficiencies, and projected non-GAAP diluted EPS accretion exceeding 25% in the first year.