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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.
SYNNEX Corporation (NYSE: SNX) announced significant progress on its plan to spin off Concentrix into an independent public company. The company filed a Form 10 Registration Statement with the SEC, removing its confidential status, signaling a major milestone in the separation process. Shareholders will own shares in both SYNNEX and Concentrix post-transaction without a shareholder vote. The separation is expected to complete in Q4 2020, dependent on customary closing conditions. The Form 10 will provide detailed business and financial information regarding the spin-off.
Concentrix has launched SecureCX™, a cutting-edge Work-at-Home (WAH) platform designed to enhance security for remote employees. This platform responds to the increasing need for safe access in remote working environments, integrating advanced digital tools like biometric authentication and real-time monitoring. Supported by 24/7 oversight, SecureCX allows customization to meet client needs. Concentrix aims to ensure maximum security for sensitive customer information, reinforcing its commitment to technological innovation in the customer experience sector.
On August 4, 2020, SYNNEX Canada Limited, a subsidiary of SYNNEX Corporation (NYSE: SNX), was awarded the 2019 HP Inc. Partner of the Year in the category of Canada Distributor of the Year. This recognition highlights SYNNEX Canada's achievements in growth and innovation. The awards celebrate top-performing partners chosen based on strategic growth and innovation criteria. SYNNEX Canada expressed gratitude for its partnership with HP and its commitment to developing innovative solutions for customers, reinforcing their collaborative success.
SYNNEX Corporation (NYSE: SNX) received recognition as the 2019 "HP Inc. Partner of the Year" for its outstanding performance in growth and innovation. The awards highlight top partners in categories such as U.S. Supplies Distributor of the Year and U.S. Print Hardware Distributor of the Year. This acknowledgment reflects SYNNEX's successful collaboration with HP, as indicated by comments from both companies' executives. The award showcases SYNNEX's strategic importance in the IT channel and the mutual commitment to enhancing customer engagement.
SYNNEX Corporation (NYSE: SNX) was awarded the Samsung Smart Signage Award for Overall Distribution Partner of the Year during Samsung's virtual event on July 22, 2020. This award recognizes SYNNEX’s achievements in successful display implementations and customer commitment in the smart signage market. The company continues to expand its market share across various verticals with dedicated sales teams and support for small-to-medium businesses.
SYNNEX Corporation (NYSE: SNX) announced that Bob Stegner, Senior VP of Marketing, North America, was inducted into the CompTIA IT Hall of Fame for his substantial contributions to the IT industry. Stegner's impact, spanning over three decades, includes founding the Varnex community and enhancing marketing strategies for partners. His induction will occur on August 6 during ChannelCon Online 2020. CompTIA acknowledges individuals who significantly advance technology and the IT channel.
Bob Stegner, senior vice president for North American marketing at SYNNEX Corporation, has been inducted into the IT Hall of Fame for his outstanding contributions to the IT channel. He will be honored in a virtual ceremony on August 6 during CompTIA's ChannelCon Online 2020. Stegner's three-decade career is marked by his advocacy for partners in technology. He has also been recognized as one of the 50 Most Influential Channel Chiefs for the 12th time, reflecting his significant impact on the industry and leadership in expanding resources for resellers.
SYNNEX Corporation (NYSE: SNX) has announced enhancements to its SYNNEX Westcon Secure Networking Program, recognized in the 2020 CRN Program Guide. The initiative includes an expanded range of virtual events and resources aimed at supporting partners in their business growth. Key offerings include the SYNNEX Enablement Portal, a gamified training platform that rewards participants with points for training completion, encouraging deeper engagement. Additionally, SYNNEX will host the Beyond Security conference virtually from August 24-26, 2020, focusing on remote workforce engagement and security.
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SYNNEX Corporation (NYSE: SNX) reported its Q2 FY20 financial results, revealing a 3.3% decline in revenue to $5.533 billion from the previous year. Operating income fell by 36% to $111.7 million, while net income dropped 50.2% to $57 million. Diluted EPS was $1.10, marking a 50.7% decrease year-over-year. The Technology Solutions segment generated $4.5 billion in revenue, down 2.1%, whereas Concentrix saw an 8.1% decline to $1.1 billion. The company expects improved performance in Q3 FY20.