SYNNEX Corporation ( SNX Quick Quote SNX - Free Report) recently collaborated with Hewlett Packard ( HPE Quick Quote HPE - Free Report) to offer HPE GreenLake cloud services to reseller partners through the SYNNEX Stellr Marketplace. HPE GreenLake cloud services offer customers better visibility into resource utilization across co-located and public cloud-based workloads. The services also ensure the administration of applications and data. Through the collaboration, SYNNEX’s partners will be able to sell HPE GreenLake cloud services, including compute and storage, at competitive prices to mid-market and SMB customers through the Swift Sales Program. Taking advantage of the growing demand for subscription-based offers, the partnership will create new recurring revenue streams for SYNNEX’s partners, while enabling them to support their customers’ digital transformation journeys. As part of the partnership, resellers will be able to access various other HPE tools and services, such as HPE GreenLake Quick Quote for quick proposal building and onboarding assistance. Notably, the pandemic-led work-from-home and online-learning wave is driving demand for offsite-working and learning hardware and software. This is, in turn, helping SYNNEX grow its business. Additionally, the work-and-learn-from-home necessity has been stoking demand for cloud storage. Furthermore, the lockdown has increased the usage of online and e-commerce services globally. Therefore, data-center operators are enhancing their capacities to accommodate the demand spike for cloud services, which is boosting SYNNEX’s data-center servers and storage solution businesses. Markedly, SYNNEX’s Technology Solutions revenues increased 13.9% year on year to $6.1 billion in its last reported quarter.
Key partnerships are also helping the company expand its product portfolio. Its recent partnership with
Ribbon Communications ( RBBN Quick Quote RBBN - Free Report) in January this year, is expected to help Synnex grow its market share and partner base, and especially benefit from Ribbon’s long-term working relationship with Microsoft Corporation ( MSFT Quick Quote MSFT - Free Report) . Currently carrying a Zacks Rank #5 (Strong Sell), SYNNEX’s growth prospects were adversely impacted by lower IT spending as organizations were pushing back their investments in big and expensive technology products due to the global economic slowdown concerns amid the ongoing coronavirus crisis. Nonetheless, IT spending across the world is slowly recovering and projected to reach $3.9 trillion in 2021, increasing 6.2% from 2020, per Gartner’s newest forecast. This spells good news for SYNNEX and will help maintain its standing as a leading IT design-to-distribution business process services company. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 5G Revolution: 3 Stocks to Make Your Move
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