TD SYNNEX CORPORATION Stock Price, News & Analysis

LastPass has announced a strategic partnership with TD SYNNEX, a global IT distributor, to streamline the purchasing process for IT resellers and managed service providers (MSPs) in North America. The collaboration enables easier access to LastPass' password and identity management solutions through TD SYNNEX's distribution network.

The partnership aims to simplify deployment of secure credential management solutions, allowing partners to set up LastPass licenses for customers within hours. TD SYNNEX customers can also access LastPass' enablement and marketing resources.

TD SYNNEX has released its North American results from the third-annual Direction of Technology Report, highlighting strong AI adoption and hardware investment trends among channel partners. The report reveals that 86% of North American partners successfully closed AI deals in the past year, surpassing the global average of 77%. Partners are increasingly focusing on hardware, with 60% expecting hardware resale growth in the next three years. Key challenges identified include increasing competition, margin pressures, and internal digital transformation. The report emphasizes collaboration as important for future success, with organic growth (44%) and channel engagement (42%) being the top growth strategies.

TD SYNNEX (NYSE: SNX) announces significant enhancements to its StreamOne® global cloud platform, introducing new commerce and security capabilities. The platform now features PSA Connectors and Commerce APIs that enable headless commerce and seamless integration with Professional Services Automation software. Key improvements include real-time IaaS consumption reporting, white-label storefronts, and marketplace syndication capabilities. TD SYNNEX is also piloting a Security Operations (SecOps) solution for Azure security management, with full availability planned for 2025. The platform currently serves over 30,000 partners globally.

TD SYNNEX (NYSE: SNX) has appointed Tanuj Raja as Senior Vice President of North America Hyperscaler and Marketplace. Raja, formerly from Google, brings expertise in marketplace strategies and digital transformation. The company reports significant growth in its digital platforms, with over 8,000 North American resellers using their StreamOne platform for cloud transactions. The platform has seen its catalog triple in size over the past year, and third-party software sales through private offers have increased by 500% year-over-year from 2023 to 2024. More than 500 resellers have integrated StreamOne with primary PSA platforms like ConnectWise and Autotask.

TD SYNNEX (NYSE: SNX) has secured an exclusive distribution agreement with IBM across 23 Caribbean countries. The partnership transitions IBM Business Partners from a Tier-1 direct sales model to a Tier-2 indirect model through TD SYNNEX. Partners will gain access to IBM's products and solutions, technical expertise, enablement programs, and the benefits of IBM's Partner Plus program. The agreement initially covers IBM Infrastructure partners and will later expand to include Software partners. TD SYNNEX will provide Caribbean partners with resources including its Center of Excellence in Brazil and region-based IBM support team.

TD SYNNEX (NYSE:SNX) has become the first global solutions aggregator to achieve the Amazon Relational Database Service (RDS) Services Delivery Specialization. This certification validates TD SYNNEX's expertise in managing complex RDS tasks and supporting partners with implementation, migration, and integration. According to their Direction of Technology Report, 58% of partners expect managed services sales growth in the next three years, while Amazon projects 25% annual growth in RDS market demand. The specialization demonstrates TD SYNNEX's capability to manage database monitoring, security, and performance optimization across multiple database engines.

TD SYNNEX (NYSE: SNX) released its third annual Direction of Technology report for Latin America and Caribbean region, based on a survey of over 1,000 technology distributors and service providers globally, with 200 responses from Latin America. The report identifies five key trends for 2024: strong revenue growth optimism, security and infrastructure as top-selling products, emerging importance of AI/GenAI, transformation of channel models, and increasing AI adoption despite current low sales. Nearly half of Latin American partners forecast double-digit growth, with security remaining the primary revenue driver. While AI/GenAI sales are currently low (56% reported no AI-related deals), partners anticipate significant growth in AI solutions over the next two years.

1Password, a leader in identity security, has announced a strategic partnership with TD SYNNEX, a global IT ecosystem distributor and solutions aggregator. This collaboration aims to expand the reach of 1Password's Extended Access Management (XAM) solution across North America, addressing the security challenges of modern workplaces.

The partnership leverages TD SYNNEX's extensive distribution network and operational capabilities to deliver 1Password's comprehensive security solution, which protects unmanaged apps and devices, filling the 'Access-Trust Gap' left by traditional IAM and MDM solutions. This alliance will involve joint go-to-market initiatives, including co-branded marketing and shared resources, enhancing market visibility for both companies.

Monica Jain, Head of Global GTM Partnerships at 1Password, emphasized the increasing demand for XAM and the strategic fit with TD SYNNEX's expertise in cloud distribution and value-added services. Jim MacBride from TD SYNNEX highlighted the partnership's potential to enrich their cybersecurity portfolio in a critical sector for their partners.

Hyve Solutions, a subsidiary of TD SYNNEX (NYSE: SNX), has unveiled its new Orion product line featuring the NVIDIA HGX™ platform at the 2024 OCP Global Summit. The line includes two key solutions: JBOG and Monolithic, designed to meet the growing demands of AI workloads with enhanced performance and scalability.

These solutions are optimized for the NVIDIA Hopper™ platform and will be compatible with the upcoming NVIDIA Blackwell platform. The Orion products offer plug-and-play, rack-ready deployment options with both air and liquid cooling capabilities. Hyve's comprehensive validation process ensures seamless integration and reduced downtime.

The Orion line is supported by Hyve's HUGS (Hyve Unified Global Support) program, providing supply chain services, RMA, on-site deployments, and global logistics support.