Arrow to buy reverse logistics company
Arrow Electronics Inc. of Melville, N.Y., said last week it is acquiring Converge, a leading provider of reverse logistics services, and Verical Inc., an e-commerce marketplace geared toward meeting the end-of-life components and parts shortage needs of customers.
“These acquisitions complement Arrow’s global strategy by providing comprehensive services across the entire product lifecycle for suppliers and customers,” said Michael J. Long, chairman, president and chief executive officer of Arrow Electronics. “Reverse logistics is a rapidly growing area, and this acquisition builds on Arrow’s global capabilities as a supply chain and logistics expert. The addition of Verical also further strengthens our ecommerce capabilities.”
Converge, with 350 employees, is headquartered in Peabody, Mass., with offices in Singapore and Amsterdam, including support centers throughout Europe, Asia and the Americas. Verical is based in San Francisco.
Arrow said the Converge acquisition is subject to regulatory approvals and is anticipated to close in May, while the Verical acquisition has been completed.