UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 14, 2014

 

 

ScanSource, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

South Carolina   000-26926   57-0965380

(State or other jurisdiction of

incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

6 Logue Court

Greenville, South Carolina 29615

(Address of principal executive offices) (zip code)

(864) 288-2432

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

Entry into Letter Agreement to purchase Network1

On August 14, 2014, ScanSource, Inc. (the “Company”), entered into a binding letter of intent (the “Letter Agreement”), pursuant to which the Company agreed to purchase (the “Network1 Acquisition”), through the Company or one of the Company’s affiliates, all of the shares of Intersmart Comércio Importação Exportação de Equipamentos Eletrônicos, S.A., a corporation organized under the laws of the Federative Republic of Brazil, and its related entities (collectively “Network1”) from the Network1 shareholders (the “Sellers”). The Company entered into the Letter Agreement with Network1 and its president Rafael Paloni, who is the controlling shareholder of Network1. The Company also issued a press release on August 15, 2014 announcing the Network1 Acquisition, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Pursuant to the Letter Agreement, the Company will (i) pay R$159,628,000 (or approximately $70,400,000) to the Sellers at closing (the “Initial Purchase Price Payment”), provided that Network1 has certain levels of adjusted EBITDA and reduced by outstanding debt, net of cash, and (ii) pay additional amounts to Sellers pursuant to a four year earn-out based on adjusted EBITDA for each fiscal year ending June 30 for the first four years after closing. The Letter Agreement contemplates that the Initial Purchase Price Payment represents 52% of the total purchase price based upon a value of approximately R$307,000,000 (or approximately $135,400,000). The remaining 48% of the total purchase price is structured in four annual earn-out payments. At closing, the actual Initial Purchase Price Payment and estimated earn-out projections will be determined in the definitive purchase agreement and will be subject to due diligence findings, currency fluctuations, and other qualifications as further described below.

The Letter Agreement provides that the parties will negotiate in good faith towards execution of a customary Stock Purchase Agreement. Pursuant to the Letter Agreement, closing of the Network1 Acquisition is subject to customary closing conditions, including successful completion of due diligence, the absence of any material adverse change in Network1’s business operations, approval by the Company’s board of directors, approval under current agreements of the parties, any requisite regulatory approval, and the execution of the Stock Purchase Agreement. Additionally, the Letter Agreement contains other customary key assumptions related to Network1’s financial statements and business affairs, and execution of employment agreements by Network1’s management. The Letter Agreement provides that the closing is expected to occur on or before December 31, 2014.

The Letter Agreement, which is governed by U.S. law, provides for an exclusivity period which expires on the earlier of (a) December 31, 2014, (b) the signing of the Stock Purchase Agreement, or (c) the mutual written agreement of the Company and Network1. During the exclusivity period, if Network1 solicits or participates in negotiations related to the sale of Network1 to any other entity, then Network1 must pay the Company R$20,000,000 (or approximately $8,800,000). Likewise, the Company has potential liability of R$20,000,000 if the Company solicits or purchases another Brazilian communications wholesale distributor during the exclusivity period.

The foregoing description of the Network1 Acquisition and the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Letter Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)

 

Exhibit     
10.1    Letter Agreement between ScanSource, Inc. and Network1 dated August 14, 2014.
99.1    Press Release issued by ScanSource, Inc. on August 15, 2014.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    ScanSource, Inc.
Date: August 15, 2014     By:   /s/ John J. Ellsworth
    Name:   John J. Ellsworth
    Its:   Executive Vice President, General Counsel and
Corporate Secretary

EXHIBIT INDEX

 

Exhibit
No.

  

Description

10.1    Letter Agreement between ScanSource, Inc. and Network dated August 14, 2014.
99.1    Press Release issued by ScanSource, Inc. on August 15, 2014.

Exhibit 10.1

 

LOGO

August 14, 2014

PERSONAL AND CONFIDENTIAL

Rafael Nassar Paloni

President

Intersmart Comércio Importação Exportação de Equipamentos Eletrônicos, S.A.

Av. Independência

941 Vila Colemar Natal e Silva

Goiânia—GO, 74633-010, Brazil

Dear Mr. Paloni:

I am pleased to provide this binding letter of intent (this “Letter Agreement”) for the purchase of Intersmart Comércio Importação Exportação de Equipamentos Eletrônicos, S.A. and related entities (“N1” or “Company”). We believe that N1 is an excellent fit for ScanSource with N1’s leading market position in the communications market in Brazil. Both of our firms share a strong commitment to the vendor and reseller partners that we serve and share a similar value-added philosophy. We are looking forward to working with you and the management of N1.

This Letter Agreement outlines the material, key terms agreed to by the parties, which will be further developed in a Stock Purchase Agreement. The Parties have agreed on the approach to valuation and the purchase price structure, transaction conditions, as well as the other key terms for the contemplated acquisition. Accordingly, the parties seek to make this Letter Agreement binding or enforceable as to all such key terms agreed.

 

  1. Basic Transaction Structure. ScanSource, Inc. or one of its affiliates (“ScanSource”) will acquire 100% of the outstanding shares of the Company (the “Shares”) from you and the other Company shareholders (the “Sellers”) at Closing, December 31, 2014 (the “Acquisition”). A portion of the purchase price for the shares shall be paid in cash at Closing and the remainder will be paid as a “earn-out” as follows: (a) R$159,628,000 (assuming US GAAP adjusted Trailing Twelve Month (“TTM”) EBITDA to be determined at Closing and currently as of December 31, 2014 of R$43,854M, which will include foreign currency contract gains and losses), reduced by outstanding debt, net of cash (the “Initial Purchase Price”), will be paid to the Sellers at Closing, representing payment of 52% of the purchase price; (b) the remaining 48% of the purchase price will be paid to the Sellers over a 4 year period following Closing as detailed in Paragraph 3 below. Subject to the Key Assumptions in section 6, Due Diligence in section 7 and Conditions in section 8, supra, the parties contemplate an initial purchase price based upon a 7.0 multiple of the Company’s adjusted EBITDA for the TTM from Closing and a blended 7.3 multiple for all the purchase price payments pursuant to the table in section 3 (b) supra. The Closing initial purchase price payment will be based upon the EBITDA as of June 30, 2014 or December 31, 2014, whichever is higher and the audit of the 2014 financial results will adjust either positive or negative the EBITDA and the initial purchase price calculation, which will be performed by April 30, 2015.

  2. Initial Purchase Price; Adjustments. The Initial Purchase Price will be subject to adjustment as provided below and will be paid in the following manner:

 

  a. At the Closing, ScanSource will pay N1 the Initial Purchase Price by wire transfer of immediately available funds;

 

  b. The Initial Purchase Price assumes that at Closing N1 has a normalized Tangible Net Assets, excluding debt and cash, of a minimum amount to be determined in due diligence and assumes adjusted EBITDA of R$43,854 million inclusive of foreign currency exchange contract gains and losses. A physical count of inventory will occur at Closing;

 

  c. All related party loans shall be settled prior to Closing and none of those obligations will remain obligations of the Company at Closing;

 

  d. N1 shall pay all sales, use, and transfer taxes related to the Closing of the transaction as well as all corporate income taxes due or accrued.

 

  e. ScanSource and N1 shall share equally the cost of any required regulatory filings, if applicable.

 

  3. Payment of Remainder of Purchase Price. At the end of each fiscal year (June 30) for the first 4 years after the Closing, ScanSource shall make payments to the Sellers as follows:

 

  a. (Adjusted EBITDA for the 12-month period ending June 30) * (the adjusted EBITDA multiple for such year as set forth in section 3(b) below) * (12%), (“Adjusted EBITDA” is defined as TTM taken from the Company’s current E&Y Consolidated Audited Statements adjusted to and in accordance with US GAAP, as defined: Operating Income before Financial Income (expense) in accordance with US GAAP plus Depreciation and Amortization for TTM minus FX results, which is the hedging costs associated with covering net FX balance sheet exposures per ScanSource’s corporate FX policy except that:

 

  i. Adjusted EBITDA shall be determined without application of the reserve for doubtful accounts, such that EBITDA shall be increased by the amount of the reserve for doubtful accounts receivable as of June 30.

 

  ii. The amount of the reserve for doubtful accounts receivable will be established and based upon reserve percentages and methodologies determined in light of N1’s historical experience which will be identified from due diligence and those as of June 30, 2018 shall be adjusted in a manner agreed upon by ScanSource and Sellers to render such reserve reasonable in light of N1’s actual experience between the Closing and June 30, 2018 and EBITDA shall be increased or decreased accordingly;

 

  iii. The amount of the reserve for obsolete inventory will be established and based upon reserve percentages and methodologies determined in light of N1’s historical experience which will be identified from due diligence and those as of June 30, 2018 shall be adjusted in a manner agreed upon by ScanSource and Sellers to render such reserve reasonable in light of N1’s actual experience between the Closing and June 30, 2018 and EBITDA shall be increased or decreased accordingly.

 

  iv. A minimum normalized average annual Return on Invested Capital (or Return on Net Assets Employed) whichever is agreed more appropriate threshold shall be determined and achieved for the period ending June 30 as more specifically defined and agreed in the definitive purchase agreement.

  b. The adjusted EBITDA multiple to be used for the calculation of each of the 4 years of the earn-out payments, as detailed in Paragraph 3(a), is as follows:

 

Year

  

Year 1

  

Year 2

  

Year 3

  

Year 4

Multiple    7.1    7.3    7.5    7.7

 

  4. Currency. The currency for the Initial Purchase Price and the Remainder of Purchase Price will be the Brazilian Real. All references to currency herein mean the Brazilian Real.

 

  5. Language. The negotiations will be conducted in English and all legal documents relating to the purchase will be prepared in English.

 

  6. Key Assumptions. Following are ScanSource’s key assumptions as it relates to this Letter Agreement. These assumptions are subject to verification and any deviations, additions, or deletions from these assumptions by either ScanSource or N1 may result in adjustments to any of the terms contained herein.

 

  a. N1’s financial statements were prepared in accordance with generally accepted accounting principles in Brazil and applied on a consistent basis with past practices;

 

  b. N1 has received a clean, unqualified audit opinion in accordance with Brazilian GAAP on its fiscal year 2013 financial statements;

 

  c. The profitability of N1 is as depicted in the financials and in the Intersmart Presentation provided to ScanSource, with accurate margins, costs, and reserve methodologies;

 

  d. Actual results for fiscal year 2014 are in line with the projections shown in the N1 Presentation provided to ScanSource and there were no significant changes in terms or conditions with customers, vendors, practices, or accounting policies to achieve those results (such as relaxing underwriting standards);

 

  e. N1’s inventory is new, unopened, current and resalable as new with adequate reserves for obsolescence and slow-moving product. Product not resalable as new and/or not returnable to the vendor is adequately reserved for, including any return or demo items;

 

  f. N1’s accounts receivable is collectible and within normal terms with adequate reserves for bad debt;

 

  g. 100% of N1’s sales are through resellers, though the actual invoicing of the end-user is performed by N1;

 

  h. Key vendors will continue their contracts with N1 under existing terms post-Closing;

 

  i. N1, its subsidiaries and its affiliates (officers, directors and significant shareholders) will enter into a covenant not to compete;

 

  j. Key executives of N1 that will remain working in the Company after Closing will enter into employment agreements and non-competition agreements with ScanSource, in accordance with the Brazilian Labor Laws;

 

  k. N1 management will work with ScanSource on an orderly transition; and

 

  l. N1 will conduct all of its business affairs in its usual and ordinary course, as provided in Section 12 below, from the date of execution of this Letter Agreement until the closing of the Acquisition.

  7. Due Diligence. N1 shall allow ScanSource’s officers, employees, and professional advisers full access to all records, key employees, advisers, and operations of N1 as will allow them to complete the investigations required. Key elements of the due diligence process include a review of corporate records, accounting policies, financial statements, tax returns, corporate agreements (including all vendor and customer contracts and leases), HR records, government regulation and environmental compliance issues, and legal matters. Particular emphasis will be placed on inventory, accounts receivable, accounts payable, taxes and rebate accounting.

 

  8. Conditions. Consummation of the Acquisition will be conditioned on:

 

  a. Successful completion of due diligence;

 

  b. Absence of any material adverse change in N1’s business, financial condition, prospects, assets, or operations;

 

  c. Negotiation and execution of a stock purchase agreement (the “Stock Purchase Agreement”);

 

  d. Receipt of approval of the transaction and the Stock Purchase Agreement by the Board of Directors of ScanSource, Inc.;

 

  e. Receipt of any other approvals required to be obtained by ScanSource under current agreements and approvals by N1’s key vendors;

 

  f. Requisite regulatory approval.

 

  9. Closing. We anticipate closing will take place by December 31, 2014.

 

  10. Advisors. Each party is responsible for paying their own costs associated with the Acquisition, including, but not limited to, attorney fees, accounting fees, and investment banking fees.

 

  11. Good Faith Duty of Negotiation . Upon acceptance of this Letter Agreement by the Sellers, ScanSource and N1 shall negotiate in good faith toward execution of customary and mutually agreeable Stock Purchase Agreement.

 

  12. Ordinary Course . From the date of N1’s acceptance of this Letter Agreement, N1 shall conduct and operate its business and affairs only in the ordinary course. For the purpose of this Letter Agreement, the phrase “the ordinary course” and “the ordinary course of business” shall mean the conduct and operation of N1 following its usual and ordinary accounting practices, making ordinary accruals, incurring ordinary liabilities and expenditures, and making ordinary commitments for inventory, supplies, insurance, rentals and other expenses. Without prior consent of ScanSource, which consent shall not be unreasonably withheld, N1 shall not make any commitments out of its ordinary course of business.

 

  13.

Exclusivity . The parties acknowledge the valuation proposed and the time, effort, and other expense incurred or to be incurred by ScanSource in connection with the negotiation of this Letter Agreement and the Stock Purchase Agreement. Neither N1, Sellers, nor any of their respective officers, directors, affiliates, agents or representatives (collectively, the “Seller Parties” or a “Seller Party”) shall directly or

  indirectly, (a) solicit, (b) encourage the submission of offers or proposals from any person or entity (including by way of providing non-public information concerning N1 to any person or entity, or otherwise) with respect to, (c) initiate or participate in any negotiations or discussions regarding, or (d) enter into (or authorize) any agreement or agreement in principle with respect to, any expression of interest, offer or proposal to acquire or any acquisition of all or any material portion of the assets owned or used by N1 or any equity securities of N1, whether by stock purchase, merger, consolidation, purchase of assets, tender offer or otherwise (a “Transaction”) during the Exclusivity Period (as defined below). During the Exclusivity Period each Seller Party shall cease all such activities that currently may be taking place. Each Seller Party shall notify ScanSource within three (3) business days in writing regarding any contact between such Seller Party or any of such Seller Party’s officers, directors, agents or affiliates and any person making an offer, proposal or inquiry with respect to a Transaction. For purposes of this letter, “Exclusivity Period” means the period from the date of execution of this Letter Agreement through the earlier of (i) December 31, 2014, (ii) the mutual written agreement of ScanSource and N1 not to proceed with negotiations regarding the proposed acquisition, or (iii) the date on which a Stock Purchase Agreement with respect to the proposed acquisition is executed and delivered by Sellers, N1 and ScanSource. In the event of any breach of this Exclusivity section by a Seller Party, the Company shall pay a break fee of R$20,000,000 within five (5) business days following written demand of such payment from ScanSource. The Parties agree that such break fee will compensate ScanSource for all and any damages that it may have incurred in connection with the breach by N1 of this Exclusivity section. ScanSource shall not similarly solicit, commit or purchase another Brazilian communications wholesale distributor during the Exclusivity Period. Subject to the Key Assumptions, section 6, Due Diligence, section 7, and the Conditions in section 8 being met to the satisfaction of ScanSource and there being no impact on the Company’s enterprise value from the processes contemplated to complete these sections,6,7 and 8 (approval pursuant to 8.d) will not be unreasonably withheld provided sections 6, 7 and the balance of 8 are satisfactory) or a force majeure event, as well as the procurement of any and all necessary governmental and vendor approvals for the transaction contemplated herein, ScanSource will close the transaction contemplated and a decision not to close based upon another reason not contemplated by this Agreement could give rise to a breach for which N1 would be entitled to a break fee of R$20,000,000 payable within five (5) business days following written demand for such payment from N1. The Parties agree that such break fee will compensate N1 for all and any damages that it may have incurred in connection with the breach by ScanSource of this Exclusivity section.

This Letter Agreement is the only agreement between the parties and the parties will use reasonable best efforts to enter into a Stock Purchase Agreement which shall replace and supersede the terms of this Letter Agreement. This Letter Agreement will expire if a Stock Purchase Agreement is not entered into by December 31, 2014, or such other date as may be mutually agreed upon in writing. Neither N1 nor ScanSource shall, and neither N1 nor ScanSource shall permit any of its subsidiaries or agents to, issue or cause the publication of any press release or other public announcement with respect to the transactions contemplated by this Letter Agreement without the prior consent (which consent shall not be unreasonably withheld) of ScanSource, in the case of a proposed announcement by N1 or N1, in the case of a proposed announcement by ScanSource; provided, however, that a party may, without the prior consent of the other party (but after prior consultation with the other party to the extent practicable under the circumstances) issue or cause the publication

of any press release or other public announcement to the extent required by law or by the rules and regulations of The Nasdaq Stock Market. This Letter Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware in the United States without regard to the conflicts of law provisions thereof. Any conflicts arising hereof shall be subject to the federal and state courts located in New Castle County, Delaware, USA. Each party specifically consents to service of process by and the jurisdiction of and venue in those courts and waives any claim to venue in any other court, and if not a resident of the United States, hereby appoints the Secretary of State of Delaware as its agent for service of process in the United States.

Thank you for this opportunity. We look forward to working with you.

 

Sincerely,
/s/ John J. Ellsworth
John J. Ellsworth

EVP, General Counsel and Corporate Secretary

ScanSource, Inc.

ACCEPTED AND AGREED TO:

 

By:    Rafael Paloni     /s/ Rafael Paloni    
 

For himself as the controlling

shareholder of N1 and on behalf of N1

    Signature   Date
  Walter Uzum     /s/ Walter Uzum    
 

For himself as a shareholder of N1

and on behalf of N1

    Signature   Date

Exhibit 99.1

 

LOGO

     

For Immediate Release

   Contact:    Media : Melissa Andrews

August 15, 2014

      864.286.4425
      melissa.andrews@scansource.com
      Investors : Mary Gentry
      864.286.4892
      mary.gentry@scansource.com

SCANSOURCE ANNOUNCES AGREEMENT TO ACQUIRE BRAZIL’S

LEADING COMMUNICATIONS DISTRIBUTOR, NETWORK1

Accretive to EPS and ROIC forecasted in first year after closing

GREENVILLE, SC – ScanSource, Inc. (NASDAQ: SCSC), the leading international value-added distributor of specialty technology products, will expand its communications business in Latin America through its planned acquisition of Network1, Intersmart Comércio Importação Exportação de Equipamentos Eletrônicos, S.A. (“Network1”). Network1 is Brazil’s leading value-added distributor of communications equipment and services. As part of the transaction, ScanSource will be acquiring all of Network1’s operations throughout Latin America, including Brazil, Mexico, Colombia, Chile and Peru.

Network1 net sales for calendar year 2014 are estimated at approximately R$850 million (approximately US$374 million) with operating margins consistent with ScanSource’s communications business. Network1 has demonstrated double-digit sales growth, which is projected to continue during the four-year earnout period. The acquisition is expected to be accretive to earnings per share and return on invested capital (ROIC) in the first year after closing, excluding one-time acquisition costs.

Founded in 2004 and headquartered in Sao Paulo, Brazil, Network1 has nearly 400 employees throughout Latin America. ScanSource is committed to becoming the leading value-added distributor of communications solutions for resellers in Latin America, and this acquisition represents an important step in this strategy. Network1 offers a broad portfolio of communications solutions, including unified communications and collaboration, networking and performance, data center and virtualization, cloud, logical security, infrastructure and physical security. The company carries a strong line of more than 65 vendor partners, including Avaya, Checkpoint, Dell, Extreme, F5, HP, Juniper, Polycom, Microsoft, Riverbed and Schneider-Electric.

“We entered the Brazilian Barcode and POS market in 2011 with the very successful acquisition of CDC Brazil, the region’s largest Barcode and POS value-added distributor,” said Mike Baur, CEO, ScanSource, Inc. “We have been looking for the right opportunity to complement and expand our successful Brazilian growth business with the addition of communications products in that geography. With Network1, we have found the right partner to cultivate and grow our value-added distribution business in Latin America. Rafael Paloni, Network1’s Chief Executive Officer, is a skilled leader who can help us leverage our existing operations in the area into new growth, not just in Brazil, but throughout the region.” Following the closing of the transaction, Mr. Paloni will lead ScanSource’s Communications business in Latin America.

“Joining forces with ScanSource is the right move for Network1, our vendors and our resellers,” said Mr. Paloni. “ScanSource has a tradition of excellence in value-added distribution, and I am thrilled to be able to add to their success in Brazil and throughout Latin America.”

The all-cash transaction includes an initial purchase price of approximately R$160 million (approximately US$70 million), plus earn-out payments based on EBITDA over the next four years. The acquisition is subject to the completion of due diligence and regulatory approvals and is expected to close by the end of 2014. In the interim, business will continue as usual for both ScanSource and Network1 pending such regulatory approvals.

ScanSource management will discuss the planned acquisition on its earnings conference call, scheduled for Thursday, August 21, 2014 at 5:00 p.m. ET. The call may be accessed via a live Internet webcast in the Investor Relations section of ScanSource, Inc.’s web site, www.scansource.com .

Safe Harbor Statement

This press release contains comments that are “forward looking” statements that involve risks and uncertainties; these statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Any number of important factors could cause actual results to differ materially from anticipated results, including, but not limited to, the failure for the acquisition of Network1 to be accretive to earnings per share and ROIC in year one, the continued ability for Network1 to demonstrate sales growth, the potential for the acquisition to not close by the end of 2014, or at all, due to a variety of factors, including due diligence review and regulatory approvals. For more information concerning other factors that could cause actual results to differ from anticipated results, see the Company’s annual report on Form 10-K for the year ended June 30, 2013 and its subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You are

cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to make any revisions to the forward-looking statements or to reflect events or circumstances after the date of this press release.

About Network1

Network1 has offices in Brazil and throughout Latin America. For more information on Intersmart Comércio Importação Exportação de Equipamentos Eletrônicos, S.A. please visit http://www.intersmart.com.br .

About ScanSource, Inc.

ScanSource, Inc. (NASDAQ: SCSC) is the leading international distributor of specialty technology products, focusing on point-of-sale (POS) and barcode, communications and physical security solutions. ScanSource’s teams provide value-added services and operate from two technology segments, Worldwide Barcode & Security and Worldwide Communications & Services. ScanSource is committed to helping its reseller customers choose, configure, and deliver the industry’s best products across almost every vertical market in North America, Latin America and Europe. Founded in 1992, the Company ranks #751 on the Fortune 1000. For more information, visit  www.scansource.com .

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