Systemax, Inc. , is a company based in Port Washington, New York, and sells industrial and technological products through branded e-Commerce website systems and relationship marketers in North America and France. The main brands are Global Industrial and Inmac Wstore.
The company was founded in 1949 as Global Equipment Company, the material handler. It first entered direct marketing in 1972 and began marketing computer equipment in 1981. It was renamed Global Directmail in 1995 and into Systemax in 1999.
Video Systemax
Subsidiaries and divisions
Subsidiaries and divisions of Systemax, Inc. including Global Industry, Nexel, Infotel, C & amp; H Distributors and Industrial Supply Company Avenue.
Acquisition of CompUSA
On January 6, 2008, Systemax Inc. announced an agreement on Miami-based CompusA brand acquisitions, trademarks, and CompusA e-commerce businesses, and 16 CompusA retail outlets in Florida, Texas and Puerto Rico. The first new CompUSA Store under the ownership of Systemax opened in November 2009.
Acquisition of the trademark and the Circuit City website
On May 13, 2009, Circuit City announced it would sell its intellectual property, including its trademarks, brand names, and internet domains, to Systemax for $ 14 million. The agreement took effect six days later. The dead CircuitCity.com site was restored after the purchase of Systemax.
At the end of December 2012, CompUSA and Circuit City are consolidated into TigerDirect, sold by Systemax to PCM, Inc. on December 1, 2015.
Acquisition of WStore Europe
On September 18th, 2009 Systemax announced the acquisition of WStore Europe, SA, a supplier of European IT business products operating in France (Inmac WStore SAS and I-Com Software) and in the UK (WStore UK Limited).
Acquisition of Misco Solutions (SCC Netherlands)
On June 12, 2014, Systemax announced the acquisition of SCC Services B.V., a supplier of business-to-business IT products and services with operations in the Netherlands. This subsidiary was renamed Misco Solutions.
Acquisition of the Factory Supplies Group ("PEG ")
On January 30, 2015, Systemax announced the acquisition of the Plant Equipment Group ("PEG"), a direct marketer of business-to-business maintenance, repair and operation ("MRO") products, from TAKKT America. PEG serves business customers in the North American MRO market.
TigerDirect Sales
On December 1, 2015, Systemax announced the sale of certain Business to Business assets from the North American Technology Group, including TigerDirect to PCM, Inc.
Sales of German Operations to CANCOM SE
On July 25, 2016, Systemax announced the sale of its German Misco asset to CANCOM SE.
European Business Products Sales Group
On March 27, 2017, Systemax announced the sale of all European Business Technology Products Group, excluding their operations in France.
Maps Systemax
Legal disputes
On September 17, 2012, the US Securities and Exchange Commission (SEC) accused the former director of Systemax Inc. for fraudulently plucking hundreds of thousands of dollars in undisclosed compensation between January 2006 and December 2010. The SEC alleged that Gilbert Fiorentino, who otherwise served on the council is a former chief executive of Systemax's Technology Products Group in Miami, "earning more than $ 400,000 in extra-direct compensation from companies doing business with Systemax." The SEC also accused Fiorentino of stealing "several hundred thousand dollars of company merchandise used to market Systemax products." Fiorentino failed to disclose the extra compensation and benefits to Systemax or its auditors, so the amount reported to shareholders was still low.
In April 2011, Systemax placed Fiorentino on administrative leave. On May 9, 2011, Fiorentino agreed to resign from all positions with Systemax, handing out shares and stock options worth approximately $ 9.1 million, and pay back the 2010 annual bonus of $ 480,000. With Fiorentino's departure, Robert Leeds, Systemax's CEO of the technology division, took over as CEO of Systemax's technology product group.
Fiorentino agreed to settle the SEC's demands by paying a $ 65,000 fine and approving a permanent bar from serving as officer or director of a public company.
On December 3, 2014, Gilbert and Carl Fiorentino pleaded guilty to their participation in the bribery scheme, having discovered that during his tenure Carl had received more than $ 7 million in bribes from suppliers he had committed to Systemax, and obscured. participation in this agreement with Systemax. Gilbert is also accused of conspiracy to commit securities fraud and hamper IRS operations.
Re-Statement
On February 21, 2005, the Company restated its financial results for each of the first three quarters of 2004 and the year ended December 31, 2003, following the discovery of certain inventory accounting errors in the UK unit. On May 11, 2005, the company restated its results for 2004, following the discovery of an error in accounting for inventory at Tiger Direct Inc. unit, an online retailer.
See also
- TigerDirect
- CompUSA
- Circuit City
- Misco
- Global Industrial
References
External links
- the home page of Systemax, Inc.
Source of the article : Wikipedia
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