Avnet acquires Source Electronics

Industrial Distribution staff -- Industrial Distribution, 6/30/2008 2:37:00 PM

Avnet Inc. acquired Source Electronics Corp., a Hollis, N.H.-based provider of outsourced custom programming services for integrated circuits.

Founded in 1988, Source Electronics has locations in Brazil, China, Mexico, Singapore as well as the United States. Their customers are in end markets such as consumer electronics, automotive, mobile communications, telecommunications and enterprise storage. 

Source will be integrated into the services operations of Avnet Logistics.

“With the acquisition of Source, we gain significant technical expertise and an experienced management team that has earned an excellent reputation in the programming services market,” said Jim Smith, president of Avnet Logistics.

This was the third recent acquisition announced by Avnet. 

In May, it acquired systems integrator Ontrack Solutions Pvt. Ltd. of Mumbai, India, for an undisclosed amount, and in April, Avnet acquired Horizon Technology Group plc, an Irish information technology products distributor, for $149.6 million.