Synnex Announces Plan to Separate into Two Public Companies

Published On: January 27, 2020Categories: Buzz, Uncategorized

Synnex has announced its plan to separate into two publicly traded companies, comprising of Synnex Technology Solutions in the distribution function and Concentrix, a global CX solutions company. Immediately following the transaction, Synnex shareholders will own shares of both Synnex and Concentrix.

“The spin-off will provide each company with sharper strategic and managerial focus and enable SYNNEX shareholders to own and value each business separately,” said Synnex president/ CEO Dennis Polk.  “We are very proud of our company and the returns we generated by investing in IT Distribution and CX Services over our nearly 40-year history. We are equally proud to have these two businesses reach a point where they are industry leaders and positioned well to be successful standalone public companies.”

Polk will continue to hold this position following the separation. Chris Caldwell, president of Concentrix, will lead Concentrix as president and CEO. Completion of the transaction is expected in the second half of 2020. A shareholder vote will not be required.

Channel Impact®
The separation of the two businesses is expected to enhance each company’s competitive position and accelerate significant value creation opportunities.

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