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12 Aug 2008
Corporate reseller Insight Enterprises plans to build out a global networking business following its recent acquisition of UK Cisco Gold partner Minx.
Speaking on Insight’s Q2 earnings call, chief executive Rich Fennessy said the VAR would leverage the acquisition, along with its recent purchase of US-based Calence, to “build out our global networking capabilities similar to what we enjoy today in the software category”.
“While Minx is relatively small today generating approximately £25m pre-year net sales, this strategic acquisitions give our UK utilisation a stronger market position within the fast clearly networking category and provides us with a Gold level certification from Cisco in the UK,” he said.
Further reading
Fennesssy said he was pleased with the overall Q2 results, despite a $201.2m (£106m) goodwill impairment charge dragging it to a net loss of $174.3m.
Without the charge net profit was flat at $26.9m, while net sales increased 9 per cent to $1.40bn.
Insight reported that the UK hardware business returned to positive growth during the quarter, reflecting actions taken in the first quarter. Overall EMEA net sales rose 15 per cent to $382.3m, with the software and services categories growing 21 and 33 per cent, respectively.
"We are pleased with our overall results in the second quarter and feel we have regained some of the ground we lost in the first quarter," said Fennessy.
"Having said this, we still have our work cut out for us in the second half of the year as we continue to compete in a challenging demand environment."
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