AndreyPopov/iStock via Getty Images
- Technology services company CDW (NASDAQ:CDW) saw its shares climb more than 6% Monday on upbeat reaction to its plans to purchase Sirius Computer Solutions for $2.5 billion in cash.
- Sirius is currently owned by private equity firm Clayton, Dubliner & Rice. In a statement, CDW Chief Executive Christine Leahy said the deal would help her company meet its customers demands for "complex and critical digital transformation initiatives."
- Raymond James analyst Adam Tindle was upbeat about the acquisition, saying that its indicative of the ongoing growth of spending to speed up deployments of software and security technology across enterprises. Tindle holds an outperform rating and $205-a-share price target on CDW's (CDW) stock.
- Earlier this month, Morgan Stanley took a cautious few of CDW (CDW) on the grounds of a high stock valuation and its position in the PC market.