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 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.
SYNNEX Corporation (NYSE: SNX) has been recognized as Samsung's 2020 Mobile Distribution Partner of the Year during a virtual conference. This award is based on total sales volume and highlights SYNNEX's growing market share in key verticals, particularly in cloud, mobility, and IoT solutions. The company has demonstrated agility and exceptional support throughout the past year, contributing positively despite industry challenges. Samsung commended SYNNEX for innovative solutions and a strong partnership aimed at addressing evolving customer needs.
SYNNEX Corporation (NYSE: SNX) will report its Q1 fiscal 2021 financial results on March 22, 2021, after market close. A live earnings call is scheduled for 2:00 PM PT / 5:00 PM ET on the same day, featuring CEO Dennis Polk and CFO Marshall Witt. The earnings press release and a live audio webcast will be available at ir.synnex.com, with a replay accessible afterward. SYNNEX, founded in 1980, provides comprehensive technology distribution and services globally.
SYNNEX Corporation (NYSE: SNX) announced on March 10, 2021, that HPE GreenLake cloud services are now available through the SYNNEX Stellr Marketplace. This integration allows reseller partners to offer HPE GreenLake for various cloud services, enhancing their capacity to support mid-market and SMB customers with pre-configured solutions. The program aims to create recurring revenue streams for partners while providing scalable cloud services. HPE GreenLake caters to diverse IT environments, facilitating digital transformations for customers.
On February 8, 2021, SYNNEX Corporation (NYSE: SNX) announced that twelve of its executives have been recognized on CRN's 2021 Channel Chiefs list, highlighting leadership and innovation in the IT channel. The honorees include notable figures such as Bob Stegner and Jay Denton, who have significantly contributed to growth and success in their respective divisions. This recognition showcases SYNNEX's commitment to its partner community despite the challenges posed by the pandemic, demonstrating the effectiveness of its strategies and programs in driving growth.
SYNNEX Corporation (NYSE: SNX) announced that Greg Quesnel will not stand for re-election to its Board of Directors at the annual meeting on March 16, 2021. Quesnel has been a board member since 2005 and is currently the Chair of the Compensation Committee. His contributions during SYNNEX's significant growth and strategic acquisitions were acknowledged by the board, with leadership expressing gratitude for his mentorship. The company continues to operate across numerous countries and remains a key player in technology distribution and integration services.