US indirect channel company Intelligent Electronics has sold its direct corporate sales arm to GE Capital for $136 million, just two days after selling its distribution business for $78 million to Ingram Micro.
GE Capital has been looking at numerous Var business takeovers in recent months as it tries to boost its corporate market share, and it recently acquired Brighton-based Systems International. Intelligent Electronics will now focus on supplying sales organisation XL Source and services business XL Connect Solutions, said chairman and CEO Dick Sanford, as IE itself leaves the wholesale and Var markets to its former competitors.
"Our efforts are intended to return the company to profitability,' he said. Intelligent Electronics turned over $3.6 billion and lost $98 million in its financial year to 30 January 1997.
In an unrelated move, GE Capital parent General Electric said it will shift all its corporate sales online within two years in a bid to minimise costs and speed procurement. General Electric's 12 divisions sell products worth around $1 billion every year.
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