Local IT distributor Exeed is set to buy Renaissance's distribution business, pending approval of shareholders in a meeting to take place on Monday, July 16.
According to Renaissance CEO Shaun Rendell, the acquisition means Exeed will become the second largest player in the industry.
"Renaissance has has a long association with Apple in New Zealand. We are proud of the way we have represented the brand for over 27 years. The time had come to get bigger in the industry or get out. We admire the Exeed team and we are pleased, with Apple's blessing and subject to shareholder approval, to hand the brand on to them," adds the CEO.
Justin Tye, CEO of Exeed, says he trusts the shareholders will approve the decision. "We are delighted that as part of our negotiations, Apple, and several other key brands, have evaluated Exeed, its people and our reputation as an IT distributor and are happy for us to represent and distribute their products in New Zealand."
Exeed currently distributes HP, Samsung, Netgear, and Watchguard in New Zealand. Renaissance's portfolio also includes Fuji Xerox, Cygnet, Ozaki, and Belkin.