Avnet to takeover Mumbai-based Ontrack

BANGALORE, INDIA: Avnet, Inc. announced that it has reached a definitive agreement to acquire Ontrack Solutions Pvt. Ltd, a Mumbai-based systems integrator.

Post acquisition, Ontrack will become part of the operations of Avnet Technology Solutions Asia Pacific.

The transaction, which is subject to government approval, is expected to close by mid-July 2008.

Avnet will leverage Ontrack’s existing footprint and capabilities to build a leading value-added solutions distribution business throughout India, according to an Avnet release.

Ontrack markets IT solutions from suppliers including IBM, HP, VMware, Citrix, DoubleTake, CheckPoint, Nokia, Websense and RSA.

For the fiscal year ended March 31, 2008, Ontrack amassed revenue of approximately $13 million.

“The skills and experience of the local team provide an excellent platform for us to build and invest in the fastest growing IT market in Asia that is forecasted to reach $17 billion in 2009,” said John Paget, president, Avnet Technology Solutions.