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Article Excerpt
Networking and Advanced Communications Expertise Accelerates Global VAR Solutions Strategy
TEMPE, Ariz. -- Insight Enterprises, Inc. (NASDAQ:NSIT) ("Insight " or the "Company"), a leading, global provider of technology solutions, today announced it has signed a definitive agreement to acquire privately-held Calence, LLC ("Calence"), one of the nation's largest independent technology service providers specializing in Cisco networking solutions, advanced communications and managed services. This acquisition is consistent with Insight's vision and strategy to become a global value added reseller of technology solutions through continued investment in certain key technology categories including networking and advanced communications. Under the terms of the agreement, Insight will acquire Calence for a cash purchase price of $125 million. Up to an additional $35 million in purchase price consideration may be due if certain performance targets are achieved over the next four years. The purchase price is subject to customary working capital and hold-back adjustments. The acquisition has been approved by the boards of directors of both companies, and is subject to customary closing conditions, including regulatory approval. Insight expects the acquisition to close early in the second quarter and while the Company has not yet completed its final valuation of the intangible assets that will be purchased in the transaction, it currently expects the transaction to be neutral to slightly accretive to full-year 2008 diluted earnings per share.
Founded in 1993 and headquartered in Tempe, Arizona, Calence is...
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