Melville, N.Y. — Arrow Electronics, Inc., a $14.7 billion electronic components distributor, has announced agreements to acquire Converge, a provider of reverse logistics services, and Verical Inc., an ecommerce marketplace targeted at meeting the end-of-life components and parts shortage needs of customers.
“These acquisitions complement Arrow’s global strategy by providing comprehensive services across the entire product lifecycle for suppliers and customers,” said Michael J. Long, chairman, president and chief executive officer of Arrow Electronics, in a statement. “Reverse logistics is a rapidly growing area, and this acquisition builds on Arrow’s global capabilities as a supply chain and logistics expert. The addition of Verical also further strengthens our ecommerce capabilities.”
Converge, with 350 employees, is headquartered in Peabody, Mass., with offices in Singapore and Amsterdam, including support centers throughout Europe, Asia and the Americas. The global supply-chain services provider posted global sales of $311 million in 2008.
Converge is expected to remain a wholly-owned subsidiary of Arrow after completion of the acquisition, which is expected in May 2010.
The acquisition of Verical, based in San Francisco, has been completed. The online electronic components marketplace recently released its DemandMatch bulk parts search tool that matches open requirements with available supply automatically.