El Segundo-based information technology services firm PCM Inc. announced June 24 it was acquired by Tempe, Ariz.-based Insight Enterprises Inc. in a deal worth roughly $581 million.
The acquisition adds PCM's 40 offices and 4,000 employees across the U.S., Canada and the U.K. to Insight's operation. The combined company will offer a range of technology hardware, software and services to support sales, supply chain and other business operations.
Insight paid $35 per share for PCM, acquiring both cash and debt. In the announcement, Insight said the merger would result in roughly $70 million in savings by the end of 2021.
The deal is expected to close in the second half of this year.
“This combination offers the ability to provide clients with greater value through the expansive solution offerings of the combined company at a time when customers increasingly need a full-service technology solutions provider to help them transform for the future,” PCM Chief Executive Frank Khulusi said in a statement.
J.P. Morgan Securities and law firm Sullivan & Cromwell were advisors to Insight in the deal. B. Riley FBR Inc. and law firm Sheppard, Mullin, Richter & Hampton represented PCM.
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Silicon Beach Report June 24: Insight Acquires PCM
- Silicon Beach Report June 28: SpaceX Raising $300 Million
- Daz Systems Acquired by Accenture
- Boeing Acquires El Segundo’s Millennium Space Systems
- Silicon Beach Report May 2: Hulu Hits 28 Million Subscribers
- Beyond Meat Adds Vegetarian Burgers to 1,000 Carl’s Jr.’s Locations
- MomentFeed Chooses New Chief Executive
- Silicon Beach Report April 10: May Joins Stamps.com Board