TD SYNNEX SNX recently announced its partnership with the global cloud security leader Zscaler ZS. Per the deal, TD SYNNEX’s business partners will be leveraging security solutions from Zscaler’s leading security platform, Zero Trust Exchange.
Through this deal, TD SYNNEX’s security portfolio is likely to get a boost. This deal can offer more agility to its business partners as their network and security needs continue to evolve. This can also enhance their available options for speeding up their migration journey to zero trust architecture.
Zscaler’s Zero Trust Exchange is a purpose-built cloud platform that reduces risks in digital businesses by ensuring safer digital transformation than traditional VPNs and firewalls. It allows direct and secure connections based on trust built upon users’ identity and contexts, such as their location, their device’s security posture, the content being exchanged and the application being requested. Currently, the platform is operating across 150 data centers worldwide.
The latest partnership between TD SYNNEX and Zscaler reflects the reliability of the Zero Trust Exchange platform. This move will raise Zscaler’s global reach further, expanding its channel partnership capabilities.
SYNNEX Corporation Price and Consensus
SYNNEX Corporation price-consensus-chart | SYNNEX Corporation Quote
On the other hand, it is remarkable that TD SYNNEX has been benefiting from consecutive deal wins just within a month of its formation following the merger of SYNNEX and Tech Data Corporation, in September first week. The company recently signed an agreement with a leading Israeli software provider, Indeni, to leverage automated network security solutions.
Prior to that, it signed a distribution contract with Palo Alto Networks PANW to provide cybersecurity solutions to its India & SAARC (South Asian Association for Regional Cooperation)-based customers. This marked the company's first contract win after its formation.
The company continues to look ahead to boosting its organic growth with more strategic acquisitions and deal wins that complement and expand its existing capabilities. It is noteworthy that the merger of SYNNEX with Tech Data is expected to be significantly accretive to the former’s bottom line, and bring solid synergy benefits to its top line in the near terms.
Zacks Rank & a Key Pick
TD SYNNEX currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is Avnet AVT, sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rate of Avnet is pegged at 25.4%.
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