Avnet snaps up Ascendant Technology

Bloomberg Businessweek reports.

Financial terms were not disclosed; however, Avnet says the acquisition will help expand both its product line-up and global footprint. Ascendant posted revenue of about $90 million for the 2011 calendar year.

This is the second acquisition Avnet has made this year after snapping up asset disposal specialist Canvas Systems, which has units based in the US, UK and the Netherlands, Channel Register states.

Ascendant specialises in developing IBM solutions, designing software applications and implementing e-commerce, collaboration, content management and cloud tools, IT Business.ca says.

It also offers managed services and hosting for IBM software. Ascendant's expertise in financial, healthcare and retail markets also aligns with Avnet's SolutionsPath practices, which aim to help value-added resellers tackle specific verticals, according to the distributor.