news & events
FOR MORE INFORMATION:
Diana Derrington
Phone: (314) 569-7734
FAX: (314) 569-8300
diana.derrington@wwt.com
For Immediate Release
World Wide Technology, Inc. and Telcobuy.com LLC Announce Merger
St. Louis, Missouri – January 21, 2003 – World Wide Technology, Inc. (WWT) , a leading technology and services provider, announced that it has merged with Telcobuy.com LLC under World Wide Technology Holding Co., Inc. (WWT Holding). Financial terms of the agreement were not disclosed.
WWT Holding consists of three operating companies: World Wide Technology Inc., focused on the public sector and general commercial markets; Telcobuy.com, focused on the telecommunications industry; and SDE Business Partnering, focused on the automotive industry. Taking advantage of WWT's state-of-the-art e-business platform and physical infrastructure, including offices across the United States, each operating company provides its respective market with a full spectrum of information technology products, services and supply-chain solutions.
"This merger has strengthened our combined organization. We’ve improved our financial position, including securing a $65 million dollar line of credit, diversified our customer base and reduced our dependence on any single vertical market or industry," stated Jim Kavanaugh, CEO of WWT Holding. Added Dave Steward, Chairman of WWT Holding, "I'm excited about the long-term opportunity this merger creates for all of our employees."
"We have been very pleased to be associated with Telcobuy.com," said Bruce R. Evans, managing partner of Summit Partners. Summit Partners invested in Telcobuy.com in 2000. "The merger with World Wide Technology will give the company access to technology and capital, allowing it to continue its impressive growth."
About World Wide Technology, Inc.
Founded in 1990, WWT Holding is a leading electronic procurement and logistics company in the information technology industry. WWT Holding, with its industry-specific operating companies - WWT, Telcobuy.com and SDE Business Partnering-specializes in helping customers rapidly build and deploy technology infrastructure in a timely, cost-effective manner.
WWT's electronic procurement and logistics capabilities combine procurement services and logistics functions with state-of-the-art information systems technology, building upon WWT's success as a premier value-added reseller in the information technology industry. This allows partners to focus on core competencies while maximizing supply chain efficiencies. Both customers and partners benefit from having WWT, a proven distribution and logistics company, manage their inventory while at the same time gaining access to WWT's web-based procurement, inventory management and deployment management applications.
WWT has headquarters in St. Louis, Missouri, with remote sales and distribution facilities in Plano, Texas; Austin, Texas; Livermore, California; Aberdeen, Maryland; Nashville, Tennessee; Detroit, Michigan and McLean, Virginia. For more information, please visit us at http://www.wwt.com.
About Summit Partners
Summit Partners is a leading global private equity and venture capital firm. The firm has a capital base in excess of $5 billion, with offices in Boston, Palo Alto, and London. Formed in 1984, Summit Partners has provided growth equity capital to more than 230 companies, which have completed more than 100 initial and follow-on public offerings plus more than 75 mergers or acquisitions. Summit Partners seeks out outstanding management teams that have self-financed their companies to profitability and market leadership. For more information, please visit the company's website at http://www.summitpartners.com.