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M&A: Shyft Acquires IT Refurbishment Specialist Cokeva; TD Synnex Expands Sustainability Services

January 2, 2024 by Joe Panettieri

Shyft Global Services, a division of IT distribution giant TD SYNNEX, has acquired Cokeva -- a provider of IT repair, test and refurbishment services. The deal potentially strengthens TD Synnex's overall portfolio of sustainable IT services. Financial terms of the deal were not disclosed.

This is M&A deal number two that Sustainable Tech Partner has covered so far in 2024. Search our database of sustainability-related M&A deals here.

Shyft Acquires Cokeva: About the Buyer and Seller

Shyft Global Services, based in Clearwater, Florida, has more than 1,500 employees (394 of whom are listed on LinkedIn). Shyft’s global footprint spans Groveport, Ohio; Warsaw, Poland; Tiel, Netherlands; and Tampines, Singapore. The division of TD Synnex offers the following services:

  • Product lifecycle management spanning supply chain, integration, deployment, maintenance and support, repair and IT asset disposition (ITAD).
  • Customer lifecycle management spanning channel management, customer success, certification training and revenue retention strategies.

Shyft parent TD Synnex, backed by 23,500 employees, is a major hardware, software and cloud services distributor.

The acquired business, Cokeva, was founded in 1989. The business has 127 employees listed on LinkedIn -- though actual headcount is somewhere between 200 and 500 employees, according to Cokeva's LinkedIn information.

Cokeva's Roseville, California, offices span 220,000 square feet. The facility is certified for ISO 9001:2015 Quality Management Systems. Key company services include IT repair, engineering, screening and configuration, end of life (EOL), spare part management and warranty return management.

Cokeva's key partners and customers include Applied Materials, Cohesity, F5 Networks, HP Inc., Nutanix and Pure Storage, among other firms listed on Coveka's website.

Shyft Acquires Cokeva: Executive Perspectives

Ron Brinkerhoff, senior VP, Shyft Global Services

In a prepared statement about the acquisition, Shyft Senior VP Ron Brinckerhoff said: "Shyft Global Services is excited to welcome Cokeva to our global team. The addition of Cokeva will provide customers the opportunity to leverage a broader range of end-to-end technology services. Adding more than 200 highly trained repair service experts, engineering resources and another world-class facility to our services portfolio will provide significant benefits for both Shyft and Cokeva customers."

Added Cokeva CEO Ann Nguyen: "When making this strategic decision for Cokeva, we knew we had found the right fit for both our employees and our customers. Shyft’s breadth of service capabilities — in repair and technology lifecycle services — and commitment to its customers are powerful indicators of what can be expected for Cokeva’s employees and customers. We are very proud of what our team has accomplished over the past 30+ years and can’t wait to see what comes next."

Concluded Brinckerhoff: "As the go-to repair services partner for many OEMs in IT, telecommunications, medical devices, retail and other industries, Shyft is strongly positioned to deliver on the service quality and customer experience required today. This acquisition further highlights Shyft’s investment in global sustainability with expanded circular economy capabilities as well as our commitment to providing flexible and eco-conscious repair services solutions that help technology OEMs reach their goals faster."

M&A: Distributors, Channel Partners and ITAD (IT Asset Disposition)

The M&A deal surfaces at a key time for IT distributors and channel partners. Indeed, thousands of channel partners are seeking aways to reduce customer e-waste while managing customer hardware and software from cradle to grave.

Among the proof points: IT Asset Disposition (ITAD) from distributors and channel-friendly companies allow technology to be reused, recycled, donated, or sold through the circular economy. Annual spending on ITAD is expected to reach $34 billion by 2030, up from $16.8 billion in 2022, according to Research and Markets. That's a 9.2% compound annual growth rate (CAGR), the researcher said.

Meanwhile, the global e-waste management industry will reach $244.56 billion by 2032, up from $57.81 billion in 2022, according to Allied Market Research. That's a 15.7% compound annual growth rate (CAGR), the market research firm said.

M&A: Additional ITAD Mergers, Acquisitions

Amid that backdrop, M&A activity involving repair, recycle and ITAD services has been steady to strong. Example buyers and investors in the ITAD market since early 2023 include Closed Loop PartnersIron MountainFull Circle Electronics and Elemental Holding Group, just to name a few.

To gather more info, several hundred channel partners will likely attend ITAD 2024, the IT asset disposition conference set for July in Miami, Florida.

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