GREENVILLE, S.C. - Intelisys, a technology services and solutions provider, has appointed Ken Mills as its new president. Mills, with nearly a quarter-century of leadership experience in the technology sector, assumes the role with immediate effect, tasked with spearheading the company's strategic direction and sustainable growth.
Previously the CEO of Epic iO Technologies, Mills has a proven track record in revenue growth and enhancing shareholder value. He has accumulated a wealth of experience at notable companies such as Dell Technologies (NYSE:DELL) and Cisco (NASDAQ:CSCO), and has served the U.S. Department of State. His expertise spans across AI, IoT, and 5G technologies.
Mike Baur, Chair and CEO of ScanSource (NASDAQ:SCSC), Intelisys' parent company, praised Mills' strategic vision and his ability to understand and drive growth within the ecosystem of partners and suppliers. Baur expressed confidence in Mills' leadership capabilities and his partner-first approach to business.
Mills, who holds a Master of Public Administration from Clemson University and completed the Naval Nuclear Engineering Program, has also contributed to the broader tech and security community through various board memberships.
In his remarks, Mills acknowledged the entrepreneurial spirit of Intelisys' partners and expressed his eagerness to contribute to the company's investment in the future and the continuous development of a meaningful business.
Intelisys, a ScanSource (NASDAQ: SCSC) company, is known for distributing a range of connectivity and cloud services, supporting the success of telecom sales agents, IT solution providers, VARs, MSPs, and integrators.
The information for this report is based on a press release statement.
In other recent news, ScanSource, Inc. reported mixed results for Q3, highlighting a 15% decline in net sales for its hardware business due to decreased demand. However, strong margins and robust free cash flow were positive aspects of the quarter. The Intelisys segment experienced a 7% year-over-year increase in end user billings, reaching an annualized $2.68 billion, with substantial growth in CCaaS and UCaaS offerings. ScanSource also announced plans for a $100 million share repurchase authorization.
The company's leadership addressed potential challenges such as macroeconomic uncertainties and possible channel conflict with a new agency initiative. Despite these concerns, there is cautious optimism for growth in certain hardware segments. As part of their strategic plan, ScanSource is focusing on expanding its agency channel and investing in talent, training, and tools to support growth as a technology services distributor. These recent developments reflect the company's commitment to navigate current market challenges while prioritizing Intelisys and strong free cash flow for fiscal year 2024.
InvestingPro Insights
As Intelisys welcomes Ken Mills as its new president, the company's parent, ScanSource (NASDAQ: SCSC), presents an interesting profile for investors monitoring the technology services sector. With a market capitalization of $1.08 billion and a trailing twelve-month revenue of $3.46 billion, ScanSource is positioned in a challenging market, reflected by an 8.99% decline in revenue over the last twelve months as of Q3 2024.
InvestingPro Tips indicate that ScanSource has a strong free cash flow yield, which suggests the company is generating a healthy amount of cash relative to its share price. This could be a key metric for investors looking for companies that can sustain operations and potentially return value to shareholders. Additionally, it's noted that ScanSource operates with a moderate level of debt, which may provide some financial flexibility in navigating the current economic landscape.
However, analysts have revised their earnings expectations downwards for the upcoming period, and they anticipate a sales decline in the current year. This could signal potential headwinds for the company, despite a management team that is focused on strategic growth and a partner-first approach to business. With Ken Mills at the helm, bringing extensive experience in revenue growth and shareholder value enhancement, the company may be able to address these challenges effectively.
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In summary, while ScanSource faces some pressure on sales and earnings, the company's strong cash flow and moderate debt levels, coupled with fresh leadership, may provide a foundation for future growth and stability.
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