Mumbai, May 23: New York Stock Exchange-listed Avnet Technology Solutions has acquired Mumbai-based systems integrator Ontrack Solutions for an undisclosed sum.

The transaction, which is subject to government approval, is expected to close by mid-July 2008. Ontrack will become part of the operations of Avnet Technology Solutions Asia Pacific.

Ontrack Solutions has 160 employees and revenues of $13 million. According to media reports, it supports customers in a variety of end markets such as banking, industrial and manufacturing.

“We will retain all the employees of Ontrack, while the acquired company will work as a solutions distribution arm of Avnet,” said Jaideep Malhotra, Avnet vice-president and general manager (Asia-Pacific).

Avnet will leverage Ontrack’s capabilities to build value-added solutions distribution business. The transaction is expected to be immediately accretive to earnings and supports Avnet’s long-term return on capital goals.

Ontrack is a market leader in security, networking, consolidation, virtualisation, storage and server solutions. Avnet has had a strong presence in India since 1998 through Avnet Electronics Marketing, which is a distributor of electronic components.

Avnet Electronics Marketing India has its key office in Bangalore and sales offices in all major locations in the country. It offers a comprehensive line card covering semiconductor, passive, interconnect, and electro-mechanical components.

“With the acquisition of Ontrack, we are gaining a seasoned management team that shares Avnet’s commitment to provide value-added solutions to solve business challenges of its customers,” said K.P .Tang, president of Avnet Technology Solutions, Asia-Pacific.