Avnet to Acquire ChannelWorx

PHOENIX -- Avnet, Inc. (NYSE:AVT) today announced that it has acquired ChannelWorx Pty Ltd of Australia. A Melbourne-based networking and security value-added distributor established in 1989, ChannelWorx is known in the market as a leader in security and networking.

ChannelWorx markets a portfolio of networking products from leading suppliers including Juniper, Extreme Networks, Ironport, and Avaya and software products from Google. In the fiscal year ended June 30, 2007, ChannelWorx revenue was approximately US$30 million. ChannelWorx will be integrated into Avnet Technology Solutions' Australia business. In addition to gaining 300 resellers and systems integrators, the acquisition will bring Avnet talented new employees with broad experience in storage networking and solutions.

KP Tang, president of Avnet Technology Solutions, Asia Pacific, noted that the acquisition is a significant step in diversifying Avnets business in the market: “Adding this strong line-up of networking suppliers from ChannelWorx to our product offerings moves us strategically into emerging and high-growth technologies with incremental cross selling opportunities. This acquisition represents the opportunity to gain greater scale and scope in the market and offer greater value to our reseller partners in Australia.”

Avnet Inc.