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TheStreet Open House

Redemtech To Be Acquired By Arrow Electronics

Stock quotes in this article: ARW

COLUMBUS, Ohio, Aug. 29, 2012 /PRNewswire/ -- Redemtech announced today that it will be acquired by Arrow Electronics (NYSE: ARW). Redemtech is a wholly owned subsidiary of Micro Electronics, Inc. and a leading provider of electronics asset disposition services such as data erasure, refurbishing and responsible electronics recycling. The company has been positioned by Gartner, Inc. in the Leaders Quadrant in the 2011 Magic Quadrant for North America IT Asset Disposition, the first revision of Gartner's initial (2010) coverage of this industry segment. Redemtech has also been recognized by Microsoft as the top-selling Microsoft Authorized Refurbisher in North America.

"Arrow is investing to create a truly global EAD platform and we are excited to join that effort," said Redemtech President and Founder Bob Houghton. The acquisition is expected to close in the next 60 days pending customary regulatory approvals.

Redemtech employs more than 400 people in central Ohio, Reno, Nev., and Richmond, Va. The company serves many large enterprise clients, original equipment manufacturers and government. Redemtech is noted as a vocal proponent for responsible electronics recycling (e-waste), and is well known for its Serious Good® initiative to close the digital divide. Redemtech is the exclusive GoodPC SM refurbished hardware provider for the Federal Communications Commission-sponsored Connect2Compete initiative which is targeting 7 million American families for discounted high-speed Internet, low-cost computers and free digital literacy training over the next three years.

Arrow Electronics ( www.arrow.com) is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. Arrow serves as a supply channel partner for more than 120,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of more than 390 locations in 53 countries.

About RedemtechRedemtech partners with customers to optimize IT asset value securely and sustainably. Its Enterprise IT Asset Disposition solution helps Global 1000 companies responsibly retire surplus electronics.  Its wide array of Lifecycle Services include the Serious Good® donation program, and a hardware remarketing solution backed by Redemtech's status as North America's top-selling Microsoft Authorized Refurbisher. For more information on Redemtech visit www.redemtech.com.

SOURCE Redemtech

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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