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TD SYNNEX CORPORATION

(SNX)
  Report
Delayed Nyse  -  04:00:02 2023-02-03 pm EST
104.95 USD   -0.08%
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INAUGURAL TD SYNNEX INDUSTRY BENCHMARK STUDY FINDS EUROPEAN IT BUSINESSES TAKING ADVANTAGE OF INCREASED DEMANDS FOR SERVICES

11/14/2022 | 11:45am EST

- Nearly 75 percent expect to sell more managed services in the next three years

- Only 17 percent say they will offer AR/VR solutions in next two years

- More than 40 percent plan to offer sustainability/ESG reporting within 24 months

BARCELONA, Spain - - Less than one-fifth of European technology ecosystem business leaders say they will offer augmented and virtual reality (AR/VR) solutions by 2024, despite an IDC-projected $16 billion European metaverse market and an expected 150 percent increase in investments in the next 24 months. These findings are part of the first-ever TD SYNNEX (NYSE: SNX) Ecosystem Benchmark Report. While opportunity exists with the metaverse, these same businesses have fully embraced the managed services trend, with almost three-quarters of respondents anticipating increased revenue from this arena.

"As a global IT distributor and solutions aggregator TD SYNNEX has a unique vantage point from the center of an evolving technology ecosystem. The TD SYNNEX Technology Ecosystem Benchmark Report captures how the IT channel is anticipating and responding to innovations that are transforming the way we interact and consume," said Patrick Zammit, president, Europe and Asia Pacific Japan, TD SYNNEX. "By harnessing the potential of emerging trends, the channel will be well-positioned to help accelerate the adoption of new technologies that will exponential advances in efficiency, connectivity and safety."

Conducted in collaboration with technology market analyst firm Canalys, the TD SYNNEX Ecosystem Benchmark Report underscores that every business is connected in the global technology ecosystem, as well as the rapid rate of change that has evolved to a state of relentless transformation.

The report was developed based on an industry survey of mid-size technology ecosystem partners, which is defined as technology companies with 1,000 seats and below. Respondents in Europe identified the following fundamental factors facing their businesses:

- Anticipating and meeting end-user technology expectations

- Effectively managing technology ecosystem business operations

- Technology ecosystem engagement, enrichment and enablement

Despite these challenges 82 percent of European partners expect to report growth this fiscal year, with 43 percent of partners saying security, servers and storage are the top revenue drivers, and 40 percent saying these technologies are the most profitable. Security came in as the single most profitable technology for European partners.

Services are the new black.

The survey finds that every category of services are projected to grow:

Services Type / Percent of partners indicating an increase

Managed Services / 74 percent

Professional Services / 65 percent

Consumption-based XaaS / 50 percent

Packaged Services / 44 percent

Product Lifecycle Services / 38 percent

Most European partners (63 percent) forecast hardware resale will be fundamental to their business mix with 25 percent saying the category will increase and 38 percent indicating no change. Notably, respondents say selling their own IP, which currently represents four percent of their business, will be a bigger part of their business mix, with more than a third expecting that number to grow in the next 24 months.

"Channel partners are actively developing their services businesses." said Rachel Brindley, Senior Director, Channels at Canalys. "We see that partners are looking to invest across the technology ecosystem."

Reality check on emerging business and technology trends, investments.

IT business leaders know they need to grow capabilities around sustainability and ESG (environmental, social and governance). Forty-three percent of European partners plan to offer sustainability reporting within the next two years.

"We're really encouraged to see European technology leaders put ESG capabilities on their roadmap," said Zammit. "It's an important priority for TD SYNNEX, too. We're proud to have signed the Science Based Targets Initiative, committed to net-zero carbon emissions and created a global DEI strategy."

The report notes that, "Partners equipped to help customers meet ESG commitments and requirements will have an outsized opportunity in the market."

In line with TD SYNNEX's commitment to being a good corporate citizen, the company recently launched a sustainability certification to help TD SYNNEX customers and co-workers accelerate their aptitude in this increasingly important business function.

IT ecosystem engagement expected to increase.

European IT partners signal that collaboration is a high-priority growth strategy. Seventy-nine percent of respondents ranked engaging ecosystem partners as important or very important to future growth.

"Delivering value to end-user customers means evolving business capabilities that scale to the most efficient and effective ways to source, configure, provision, secure, manage and service those technologies," said Andy Gass, chief digital officer, TD SYNNEX. "In an environment of continued rapid technological change, European IT businesses need to bring solutions to market faster. Ecosystem collaboration accelerates that time to market, reduces costs and minimizes technology skills gaps."

An executive summary of the European Insights from the TD SYNNEX Technology Ecosystem Benchmark Report is available for download.

--- ENDS ---

Survey Methodology

In partnership with Canalys, TD SYNNEX surveyed 300 mid-size technology ecosystem partners across North and South America, Europe and Asia Pacific countries. Mid-size technology ecosystem partner is defined as 1,000 seats and below.

Fieldwork in Europe was conducted between July 19 and September 30, 2022. The pool of survey responses for the European Insights report is comprised of 107 respondents from Canalys's Candefero communities.

About TD SYNNEX

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the IT ecosystem. We're an innovative partner helping more than 150,000 customers in 100+ countries to maximize the value of technology investments, demonstrate business outcomes and unlock growth opportunities. Headquartered in Clearwater, Florida, and Fremont, California, TD SYNNEX' 22,000 co-workers are dedicated to uniting compelling IT products, services and solutions from 1,500+ best-in-class technology vendors. Our edge-to-cloud portfolio is anchored in some of the highest-growth technology segments including cloud, cybersecurity, big data/analytics, IoT, mobility and everything as a service. TD SYNNEX is committed to serving customers and communities, and we believe we can have a positive impact on our people and our planet, intentionally acting as a respected corporate citizen. We aspire to be a diverse and inclusive employer of choice for talent across the IT ecosystem. For more information, visit www.TDSYNNEX.com or follow us on LinkedIn, Twitter, Facebook and Instagram.

Media Contact:

George Troughton

Communications Manager, Europe

+34 932970222

George.Troughton@tdsynnex.com

Safe Harbor Statement

Statements in this news release that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this release. The Company assumes no obligation to update any forward-looking statements contained in this release.

© 2022 TD SYNNEX Corporation. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks of TD SYNNEX Corporation. Other names and trademarks are the property of their respective owners.

Neville Street

Channelstar Media

T: 01743 246917

M: 07967 717259

E: nev@channelstar.co.uk

.

(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2023 64 561 M - -
Net income 2023 811 M - -
Net Debt 2023 2 688 M - -
P/E ratio 2023 12,0x
Yield 2023 1,33%
Capitalization 9 930 M 9 930 M -
EV / Sales 2023 0,20x
EV / Sales 2024 0,17x
Nbr of Employees 23 500
Free-Float 84,8%
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Number of Analysts 10
Last Close Price 104,95 $
Average target price 129,50 $
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Managers and Directors
Richard T. Hume President, Chief Executive Officer & Director
Marshall W. Witt Chief Financial Officer
Dennis J. Polk Executive Chairman
Bo Li Senior Vice President-Information Technology
Bonnie K. Smith Chief Information Officer
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