Addition of Automation Platform,
Technology, Engineering and Software Development Expertise Expected
to Accelerate and Broaden Ingram Micro's Cloud Ecosystem
Strategy
IRVINE, CA--(Marketwired - Dec 2, 2015) - Ingram
Micro Inc. (NYSE: IM) today announced that it has entered into an
agreement to acquire certain assets from Parallels Holdings Ltd.
("Parallels"), a leading provider of commercial cloud management
platform technologies, connectors, billing systems and professional
services. Under the terms of the transaction, Ingram Micro
will acquire the Parallels Odin Service Automation platform along
with associated cloud management technologies, intellectual
property and the Odin brand. In addition, approximately 500 Odin
employees, many of whom are software engineers with cloud
expertise, are expected to join Ingram Micro. As a part of the
Ingram Micro Cloud division led by executive vice president Nimesh
Dave, these employees will continue to drive further innovation and
development of the Odin automation platform and Ingram's cloud
service offerings as members of the Ingram Micro Cloud
division.
This transaction solidifies Ingram Micro's
position as a leading master Cloud Services Provider (mCSP), with a
comprehensive offering designed to support partner transformation
and cloud enablement to help businesses take advantage of a rapidly
expanding portfolio of cloud solutions. Ingram Micro adopted and
began licensing the Odin Service Automation platform in 2013 as the
backbone of the company's automated Cloud Marketplace. Leveraging
Odin technology, Ingram Micro's automation platform provides access
to a cloud ecosystem with unrivaled potential for leading cloud
innovators and OEMs to immediately broaden the reach of their cloud
solutions and technologies to businesses throughout the
world. Additionally, Ingram Micro's cloud automation platform
provides partners the ability to sell their solutions to millions
of customers via Ingram Micro's wide reaching channel of resellers,
telcos/carriers, hosting companies, MSPs (Managed Service
Providers), system integrators and suppliers. As a part of the
growing Ingram Micro Cloud portfolio of technology and business
solutions, Odin Service Automation will operate as a business unit
of Ingram Micro. The transaction, which is subject to certain
closing conditions, is expected to close in December 2015 and is
not expected to materially impact Ingram Micro's 2016 financial
results.
Ingram Micro CEO Alain Monié commented, "In recent
years, the launch of Ingram Micro's automated cloud platform and
marketplace has positioned our Company at the forefront of the
evolution and adoption of cloud solutions by businesses throughout
the world. Now the time has come for us to expand our capabilities
by owning the intellectual property that is helping to drive this
technology evolution. Odin Service Automation leads in cloud
provisioning management and is an established industry standard for
integrated cloud services. Our announcement today demonstrates
Ingram Micro's confidence in the technology and talent that Odin
has cultivated, as well as our belief that the Odin Service
Automation platform will play a significant role in how businesses
consume technology in the cloud. We intend to continue to enhance
the capabilities of the Odin Service Automation platform, while
also consistently bringing additional functionality to our combined
cloud solutions. Together, Ingram and Odin will offer the ideal
combination of expertise, knowledge and commercial relationships
with leading cloud OEMs and innovators, which will enable our
combined partner portfolio of 285 telcos, 4,000 hosting companies
and 200,000+ resellers worldwide to thrive by lifting their
customers businesses to the cloud."
The combination of Odin's industry leading cloud
platform, related intellectual property and deep technological
expertise and Ingram Micro's extensive breadth of commercial
relationships, positions the Odin Service Automation Platform as
the premier hosting environment for Independent Software Vendors
(ISVs), Cloud Service Providers (CSPs) and OEMs who want to connect
cloud commerce to customers.
Parallels CEO Birger Steen said, "Odin is excited
to join forces with Ingram Micro, whose early vision to dedicate
significant assets and make the investments required to develop a
comprehensive cloud services ecosystem demonstrates unique
foresight and has resulted in robust capabilities and a clear
leadership position. With this transaction, businesses utilizing
Odin Service Automation now have access to an expanded portfolio of
cloud solutions and services, providing them the opportunity to
easily increase their reach and build new revenue streams, while
significantly accelerating time to market. Additionally, Odin
Service Automation customers benefit from the buying power,
commercial relationships, strength and engineering capabilities of
a global company. I am confident this event will be viewed as a
pivotal strategic milestone in the evolution of the cloud
ecosystem."
Monié continued, "The addition of the Odin Service
Automation team and expertise further establishes Ingram Micro's
cloud leadership and enhances our ability to define how cloud
offerings are provided and consumed globally. We welcome the Odin
team into our organization."
Parallels will maintain ownership of its two other
major service provider business units Plesk and Virtuozzo, which
will be structured as separate companies. Both product lines will
be available for Ingram Micro to resell to its customers.
About Odin Service
Automation
The Odin Service Automation
technology platform provides a single, centralized management
console for managing the offer and delivery of cloud services, and
supports multiple tiers of service resellers with customizable
white-labeled customer-facing websites to initiate ordering and
provisioning. Odin Service Automation delivers an out-of-the-box,
customizable storefront that can be linked to an existing website.
It includes customer self-enrollment with built-in fraud screening,
and can be configured to support custom purchase workflows.
Sales-representative-assisted customer enrollment is also supported
via the service provider control panel.
About Ingram Micro
Cloud
Ingram Micro is a master cloud service
provider (mCSP), offering channel partners and professionals access
to a global marketplace, expertise, solutions and enablement
programs that empower organizations to configure, provision and
manage cloud technologies with confidence and ease. For more
information on Ingram Micro Cloud, please visit
www.ingrammicrocloud.com.
The Ingram Micro Cloud Marketplace is an ecosystem
of buyers, sellers and solutions that empowers channel partners and
IT professionals to configure, provision and manage cloud
technologies with confidence and ease. The Cloud Marketplace
enables efficient management of the complete end-customer cloud
subscription lifecycle from a single, automated platform, and will
offer an end-to-end portfolio of vetted solutions that covers all
major business categories including; infrastructure, security,
communication & collaboration, business applications and
platform and cloud management services.
About Ingram Micro Inc.
Ingram Micro helps businesses realize the promise of
technology. It delivers a full spectrum of global technology and
supply chain services to businesses around the world. Deep
expertise in technology solutions, mobility, cloud, and supply
chain solutions enables its business partners to operate
efficiently and successfully in the markets they serve. More at
www.ingrammicro.com.
Cautionary
Statement for the Purpose of the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995
The matters in this press release
that are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act, including statements
relating to the expected benefits from new wins and market share
and our ability to enhance earnings power, are based on current
management expectations. Certain risks may cause such expectations
to not be achieved and, in turn, may have a material adverse effect
on Ingram Micro's business, financial condition and results of
operations. Ingram Micro disclaims any duty to update any
forward-looking statements. Important risk factors that could cause
actual results to differ materially from those discussed in the
forward-looking statements include, without limitation: (1) changes
in macro-economic and geopolitical conditions can affect our
business and results of operations; (2) our acquisition and
investment strategies may not produce the expected benefits, which
may adversely affect results of operations; (3) we are dependent on
a variety of information systems, which, if not properly
functioning, and available, or if we experience system security
breaches, data protection breaches or other cyber-attacks,
could adversely disrupt our business and harm our
reputation and net sales; (4) the validity, subsistence and
enforceability of our patent portfolio, that we currently hold or
acquire may be challenged, and we have a risk of being involved in
intellectual property disputes that could cause us to incur
substantial costs, divert the efforts of management or require us
to pay substantial damages or licensing fees;(5) failure to retain
and recruit key personnel would harm our ability to meet key
objectives; (6) we operate a global business that exposes us to
risks associated with conducting business in multiple
jurisdictions; (7) our failure to adequately adapt to industry
changes could negatively impact our future operating results; (8)
we continually experience intense competition across all markets
for our products and services; (9) termination of a key supply or
services agreement or a significant change in supplier terms or
conditions of sale could negatively affect our operating margins,
revenue or the level of capital required to fund our operations;
(10) substantial defaults by our customers or the loss of
significant customers could negatively impact our business, results
of operations, financial condition or liquidity; (11) changes in,
or interpretations of, tax rules and regulations, changes in the
mix of our business amongst different tax jurisdictions, and
deterioration of the performance of our business may adversely
affect our effective income tax rates or operating margins and we
may be required to pay additional taxes and/or tax assessments, as
well as record valuation allowances relating to our deferred tax
assets; (12) our goodwill and identifiable intangible assets could
become impaired, which could reduce the value of our assets and
reduce our net income in the year in which the write-off
occurs; (13) changes in our credit rating or other market
factors, such as adverse capital and credit market conditions or
reductions in cash flow from operations may affect our ability to
meet liquidity needs, reduce access to capital, and/or increase our
costs of borrowing; (14) we cannot predict the outcome of
litigation matters and other contingencies that we may be involved
with from time to time; (15) Our failure to comply with the
requirements of environmental regulations could adversely affect
our business; (16) we face a variety of risks
in our reliance on third-party service companies, including
shipping companies, for the delivery of our products and
outsourcing arrangements; (17) changes in accounting rules could
adversely affect our future operating results; and (18) our
quarterly results have fluctuated significantly and (19) the Odin
Service Automation transaction may not be consummated; the
intellectual property assets, licenses and services obtained as a
result of the transaction may be insufficient to operate the Odin
Service Automation business; technology platforms providing similar
and/or improved functionalities and capabilities to Odin Service
Automation may be launched, developed or otherwise repurposed that
may significantly impair the competitiveness of Odin Service
Automation and the value of our investment; and political risk in
the countries in which we will employ the Odin Service Automation
research and development team may jeopardize the viability of the
Odin Service Automation business. There are additional
contingencies associated with each of the above identified
risks. For example, in connection with our acquisition
strategy, we risk failing to realize the anticipated benefits of an
acquisition due to, among other things, the unsuccessful
integration of an acquired business. Despite its global presence,
Ingram Micro may fail to proactively identify and tap into emerging
markets and geographies. We have historically instituted, and will
continue to institute, changes to our strategies, operations and
processes in an effort to address and mitigate risks; however,
there are no assurances that Ingram Micro will be successful in
these efforts. We also face a variety of risks associated with our
ability to integrate Odin Service Automation into our existing
systems and organization including: management's ability to execute
its plans, strategies and objectives for future operations,
including the execution of integration plans; customer demand in
these regions; currency fluctuation; the potential for political
unrest; potential regulatory constraints; and
our ability to achieve the expected benefits and manage the costs
of the transaction. For a further discussion of significant factors
to consider in connection with forward-looking statements
concerning Ingram Micro, reference is made to our SEC filings, and
specifically to Item 1A-Risk Factors, of our latest Annual Report
on Form 10K.
Media Contact
Lauren Casillas
Grayling
602-349-5038
Lauren.Casillas@Grayling.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ingram Micro Inc. via Globenewswire
HUG#1970771
Ingram Micro A (NYSE:IM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ingram Micro A (NYSE:IM)
Historical Stock Chart
From Apr 2023 to Apr 2024