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SOURCE Ingram Micro Inc.
Adds Global Enterprise IT Asset Disposition, Onsite Data Destruction and e-Waste Recycling Services for Large Enterprise Customers, Retail Customers and OEMs
SANTA ANA, Calif., Sept. 30, 2013 /PRNewswire/ -- Ingram Micro Inc. (NYSE: IM), the world's largest wholesale technology distributor and a global leader in supply-chain and mobile device lifecycle services, today announced it has acquired Norcross, Ga.-based CloudBlue Technologies, Inc. (CloudBlue), a leading provider of enterprise IT asset disposition, onsite data destruction and e-waste recycling services to large enterprise customers, retail customers and OEMs. Founded in 2008, CloudBlue provides secure and sustainable reverse logistics solutions for more than 1,000 customers.
CloudBlue will operate as a wholly owned subsidiary of Ingram Micro. Ken Beyer, former CEO and co-founder of CloudBlue, will continue to lead the company as vice president of Ingram Micro and president of CloudBlue, reporting directly to Robert Gifford, Ingram Micro executive vice president, global logistics. Further details of the transaction, which closed today, were not disclosed.
"Today, data security and environmental responsibility are at the forefront of corporate priorities," said Alain Monié, Ingram Micro president and CEO. "The addition of CloudBlue to Ingram Micro allows us to meaningfully expand our supply chain solutions portfolio with a full suite of in-demand services that reduce the risk, cost and complexity associated with securely managing IT assets and consumer electronics throughout their lifecycle in compliance with environmental and data security regulations.
"CloudBlue services a rapidly growing, higher-value market, which we expect will help accelerate the expansion of our supply chain solutions businesses across the globe," Monié continued. "In addition to cross-sell opportunities into Ingram Micro's OEM partners and existing base of more than 200,000 customers, we expect to benefit from new revenue opportunities within CloudBlue's existing blue chip customer base, given our global reach. This is an excellent complement to our supply chain services business and we welcome CloudBlue's associates, partners and customers to the Ingram Micro family."
"We are excited to join Ingram Micro and believe this combination will benefit CloudBlue employees, customers and partners alike," said Beyer. "Ingram Micro recognizes the importance of cultivating a welcoming and dynamic workplace and their culture and vision for the tremendous opportunity to provide a full suite of supply chain services worldwide is well aligned with CloudBlue's. We believe we can leverage Ingram Micro's global footprint and strong reputation to significantly accelerate our growth, and we look forward to contributing to their strategic goal of expanding the company's portfolio of higher-margin, value-added business services."
CloudBlue former chairman and co-founder Randy Altschuler added, "Ingram Micro's dedication to the principles on which CloudBlue was founded and the importance of its mission make it the ideal company to continue to provide CloudBlue's current and future customers with extraordinary services and commitment."
Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
The matters in this press release that are forward-looking statements, including statements relating to the expected benefits of the acquisition and the financial performance of the combined company, are based on current management expectations. Certain risks may cause such expectations to not be achieved and, in turn, may have a material adverse effect on Ingram Micro's business, financial condition and results of operations. Ingram Micro disclaims any duty to update any forward-looking statements. Important risk factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, without limitation: (1) we have made and expect to continue to make investments in new businesses and initiatives, including acquisitions, which could disrupt our business and have an adverse effect on our operating results; (2) we are dependent on a variety of information systems, which, if not properly functioning, or unavailable, or if we experience system security breaches, data protection breaches or other cyber-attacks, could adversely disrupt our business and harm our reputation and earnings; (3) changes in macro-economic conditions may negatively impact a number of risk factors which, individually or in the aggregate, could adversely affect our results of operations, financial condition and cash flows; (4) we continually experience intense competition across all markets for our products and services; (5) we operate a global business that exposes us to risks associated with conducting business in multiple jurisdictions; (6) our failure to adequately adapt to IT industry changes could negatively impact our future operating results; (7) terminations of a supply or services agreement or a significant change in supplier terms or conditions of sale could negatively affect our operating margins, revenue or the level of capital required to fund our operations; (8) substantial defaults by our customers or the loss of significant customers could have a negative impact on our business, results of operations, financial condition or liquidity; (9) changes in, or interpretations of, tax rules and regulations, changes in the mix of our business amongst different tax jurisdictions, and deterioration of the performance of our business may adversely affect our effective income tax rates or operating margins and we may be required to pay additional taxes and/or tax assessments, as well as record valuation allowances relating to our deferred tax assets; (10) changes in our credit rating or other market factors such as adverse capital and credit market conditions or reductions in cash flow from operations may affect our ability to meet liquidity needs, reduce access to capital, and/or increase our costs of borrowing; (11) failure to retain and recruit key personnel would harm our ability to meet key objectives; (12) we cannot predict with certainty what losses we may incur as a result of litigation matters and contingencies that we may be involved with from time to time; (13) we may incur material litigation, regulatory or operational costs or expenses, and may be frustrated in our marketing efforts, as a result of environmental regulations or private intellectual property enforcement disputes; (14) we face a variety of risks in our reliance on third-party service companies, including shipping companies for the delivery of our products and outsourcing arrangements; (15) changes in accounting rules could adversely affect our future operating results; and (16) our quarterly results have fluctuated significantly. We also face a variety of risks associated with this acquisition and our acquisitions of Brightpoint, Inc., Aptec and Promark, and any other acquisitions we may make, including: management's ability to execute its plans, strategies and objectives for future operations, including the execution of integration plans, and to realize the expected benefits of our acquisitions; growth of the mobility industry, the government contracts business, and in new and untapped markets in geographies outside the U.S.; and other uncertainties or unknown, underestimated and/or undisclosed commitments or liabilities; and our ability to achieve the expected benefits and manage the costs of the integrations of our acquisitions.
Ingram Micro has instituted in the past and continues to institute changes to its strategies, operations and processes to address these risk factors and seek to mitigate their impact on Ingram Micro's results of operations and financial condition. However, no assurances can be given that Ingram Micro will be successful in these efforts. For a further discussion of significant factors to consider in connection with forward-looking statements concerning Ingram Micro, reference is made to Item 1A Risk Factors of Ingram Micro's Annual Report on Form 10-K for the fiscal year ended Dec. 29, 2012; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings.
CloudBlue is a leading provider of enterprise IT asset disposition, onsite data destruction and e-waste recycling services to large enterprise customers, retail customers and OEMs. Their services reduce the risk, cost and complexity associated with securely managing IT assets and consumer electronics throughout their lifecycle in compliance with environmental and data security regulations. CloudBlue's operations are process-oriented, driven by continuous improvement through LEAN, 5S, Six Sigma and Kaizen-based management and process principles. With more than 40 global locations, CloudBlue manages the entire asset chain-of-custody seamlessly to provide secure and sustainable reverse logistics solutions for more than 1,000 customer organizations.
About Ingram Micro Inc.
Ingram Micro is the world's largest wholesale technology distributor and a global leader in IT supply-chain, mobile device lifecycle services and logistics solutions. As a vital link in the technology value chain, Ingram Micro creates sales and profitability opportunities for vendors and resellers through unique marketing programs, outsourced logistics and mobile solutions, technical support, financial services and product aggregation and distribution. The company is the only global broad-based IT distributor, serving approximately 160 countries on six continents with the world's most comprehensive portfolio of IT products and services. Visit www.ingrammicro.com.
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