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Introduction
Fifteen steps above the trading floor of the New York Stock Exchange (NYSE), Paul Bay hovered his finger over the button. It was October 24, 2024, the day when technology distributor Ingram Micro would make its long-awaited IPO on the NYSE. Bay, the company’s CEO, shared the podium with key members of his team, including Scott Sherman (EVP, human resources), Jennifer Anaya (SVP, global marketing), Sabine Howest (SVP, platform services and support), Sanjib Sahoo (President, Global Platform Group), and Bill Brandel (EVP and President North America). “We are trailblazing new ways to transform how business-to-business and companies operate, moving into the future,” he had told the assembled crowd moments earlier.
That future felt closer than ever as the team waited for Bay to trigger the NYSE’s iconic trading bell. This IPO would serve as more than just a culmination of Ingram Micro’s 45-year history. It would also be a referendum on the company’s launch of Xvantage, an AI-enabled platform that connected associates, vendors, and resellers in brand-new ways.
After decades operating as a highly profitable and innovative IT distributor, Ingram Micro had decided to disrupt its own business from within by transforming into a platform company. This evolution had required major (and sometimes even uncomfortable) changes in corporate culture, job roles, and partner relationships. It was the type of leap usually reserved for fast-growing start-ups, not high-performing legacy companies generating around $50 billion in annual revenue. But Ingram Micro had decided that the potential benefits—including reduced friction, accelerated demand, lower costs to serve—were well worth the risk. With the IPO, Ingram Micro had an opportunity to validate its new vision and lay the groundwork for future growth, but only if investors rallied around the stock in the next few hours.
Finally, Bay rang the bell. The crowd cheered as trading commenced for the day. “It was a really proud moment,” Sahoo later recalled. “I also felt that this was not the beginning of the end, it was the end of the beginning. And now the real journey starts.”
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