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 email@example.com or (323) 556-8335. Follow him on Twitter @samsonamore.
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