10.07.2008 21:15:00
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Insight Acquires MINX, Ltd - Accelerating Expansion of Technology Solutions Capabilities
Insight Enterprises, Inc. (NASDAQ: NSIT) ("Insight”
or the "Company”)
today announced that it has acquired MINX Limited, a small UK-based
European Network Integrator with Cisco Gold Partner accreditation for an
initial cash purchase price of approximately $1.5 million and the
assumption of approximately $4.6 million of existing debt. Up to an
additional $0.7 million may be due if MINX achieves certain performance
targets over a one year period. The transaction is expected to be
accretive to earnings on an annualized basis.
This acquisition is consistent with Insight’s
evolution to a broad-based technology solutions advisor and provider in
the UK. MINX will become part of the operation of Insight Direct (UK)
Ltd and will significantly enhance Insight UK’s
capabilities in the sale, implementation and management of network
infrastructure services and solutions. This acquisition will complement
Insight’s acquisition of Calence, a North
American networking services company, which closed on April 1st
and supports the Company’s global networking
solutions strategy.
Founded in 2002 and headquartered in Elstree, Hertfordshire, MINX is a
leading provider of business-to-business network technology with awards
such as Cisco Global, European and UK Partner of the Year 2007/8 and net
sales of approximately $26 million.
"We are extremely excited about the
acquisition of MINX. MINX’s expertise in the
design, installation and management of network infrastructure solutions
is a strategic fit to our value proposition as a trusted advisor to our
clients in finding the right technology solutions to solve business
needs,” commented Stuart Fenton, President of
Insight EMEA. "Their capabilities take
Insight UK into a different competitive landscape within the UK.”
John Pepper, Managing Director and founder of MINX, said, "We
are thrilled to be joining forces with Insight. It was important to us
that we team with a company that has a similar culture and vision for
the future. We have found that with Insight. We believe the combination
of these two successful companies will create exciting opportunities for
our teammates, clients and partners as well as for the shareholders of
Insight.”
John Pepper, reporting to Angelo Di-Ventura, Managing Director and
Senior Vice President of Insight UK, will lead the newly formed Insight
Networking Solutions team, which will combine the smaller existing
Insight team into the highly accredited and highly skilled MINX team.
Forwarding-Looking Information
Certain statements in this release and the related conference call and
Webcast are "forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements, including our estimated diluted
earnings per share for 2008, are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. Future
events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statement. Some
of the important factors that could cause our actual results to differ
materially from those projected in any forward-looking statements,
include, but are not limited to, the following, which are discussed in "Risk
Factors” in Part I, Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2007:
changes in the information technology industry and/or the economic
environment;
our reliance on partners for product availability, marketing funds,
purchasing incentives and competitive products to sell;
disruptions in our information technology systems and voice and data
networks, including the system upgrade and the migration of acquired
businesses to our information technology systems and voice and data
networks;
the integration and operation of acquired businesses, including our
ability to achieve expected benefits of the acquisitions;
actions of our competitors, including manufacturers and publishers of
products we sell;
the informal inquiry from the Securities and Exchange Commission ("SEC”)
and stockholder litigation related to our historical stock option
granting practices and the related restatement of our consolidated
financial statements;
the risks associated with international operations;
seasonal changes in demand for sales of software licenses;
increased debt and interest expense and lower availability on our
financing facilities and changes in the overall capital markets that
could increase our borrowing costs or reduce future availability of
financing;
exposure to currency exchange risks and volatility in the U.S. Dollar
exchange rate;
our dependence on key personnel;
risk that purchased goodwill or amortizable intangible assets become
impaired;
failure to comply with the terms and conditions of our public sector
contracts;
rapid changes in product standards; and
intellectual property infringement claims and challenges to our
registered trademarks and trade names.
Additionally, there may be other risks that are otherwise described from
time to time in the reports that we file with the SEC. Any
forward-looking statements in this release should be considered in light
of various important factors, including the risks and uncertainties
listed above, as well as others. We assume no obligation to update, and
do not intend to update, any forward-looking statements. We do not
endorse any projections regarding future performance made by third
parties.
About Insight Enterprises, Inc.
Insight Enterprises, Inc. ("Insight”
or the "Company") is a leading provider of brand-name information
technology ("IT”)
hardware, software and services to large enterprises, small- to
medium-sized businesses and public sector institutions in North America,
Europe, the Middle East, Africa and Asia-Pacific. The Company has more
than 5,300 teammates worldwide and generated sales of $4.8 billion for
its most recent fiscal year, which ended December 31, 2007. Insight is
ranked number 477 on Fortune magazine’s 2008 ‘Fortune
500’ list. For more information, please call
(480) 902-1001 in the United States or visit www.insight.com.
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Insight Enterprises Inc. | 163,90 | -1,80% |
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S&P 600 SmallCap | 935,46 | -0,94% |