"This transaction represents the next chapter for CDW. We believe it provides a compelling opportunity to immediately maximize value for our shareholders," said John A. Edwardson, CEO and chairman, in a prepared statement.
CDW, based in Vernon Hills, Ill., is a major reseller of IT products from Adaptec, BakBone, CA, Cisco, Citrix, EMC, EMC/RSA, Emulex, EqualLogic, HP, IBM, Qlogic, Quantum, and Symantec, to name just a few. IT software accounted for 16 percent of $1.859 billion in quarterly revenue for the three months ended March 31, 2007 -- about $297 million. Data storage devices accounted for 13 percent, or roughly $240 million. Revenue growth was 17 percent year-on-year.
CDW partners contacted at press time had not responded to questions on their sentiments. But CDW, which has separate corporate and government sector sales divisions, clearly sees things moving forward as ever. "While this sounds like a big change and it is please keep in mind that our goals, strategies and values remain unchanged. Youll still work for the same company with the same manager in the same building and serve the same customers," Edwardson wrote in a memo on the merger to the company's 5,500-odd employees, which it calls "coworkers."
On a conference call with analysts, Edwardson pointed mostly to an upcoming SEC filing that should clear up more questions on the management and running of the company under new private ownership.
In a startling comment, Edwardson reacted aggressively to one reporter's question about rumors that CDW has lowered its prices to bolster position against competing VARs, which include Systemax and Insight Enterprises, to name just two. "I have to say how disappointed I am in your question. It is totally inappropriate," Edwardson snapped before moving on.
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