June 26 (SeeNews) - American multinational distribution company Tech Data said it has entered into an agreement to acquire the Autodesk Value Added Distribution (VAD) business of Serbia's OSA Racunarski inzinjering, a leading distributor in the design software segment in the region.
Under the terms of the agreement, both parties expect the acquisition to be completed by the end of July 2018, subject to certain conditions being met, Tech Data said in a statement on Monday.
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OSA Racunarski inzinjering operates in Serbia, Kosovo, Croatia, Slovenia, Montenegro, Bosnia and Herzegovina, Macedonia and Albania.
"This agreement is further evidence of Tech Data’s strategy to grow its value-added business by making selective acquisitions in technology areas and geographies where we can continue to enhance the service and support to our customers and to grow profitably for our shareholders," Mike Appel vice president at Datech Solutions - a specialized solution business of Tech Data - is quoted saying.
Following the acquisition, OSA intends to transform its remaining business into a value added reseller leveraging its knowledge and expertise in the market.
"We are happy to pass our Autodesk VAD business to Datech Solutions after more than 25 successful years in this business, knowing that it will be in good hands. I look forward to close co-operation with Tech Data as we transition our business," Zeljko Tomic, CEO and co-founder of OSA Racunarski inzinjering d.o.o., also said.
Tech Data is ranked No. 83 on the Fortune 500 and has been named one of Fortune’s World’s Most Admired Companies for nine straight years.