Avnet to Acquire Softweb Solutions for IoT Development

Avnet Inc. plans to acquire Softweb Solutions, a machine learning (ML) and artificial intelligence (AI) company that offers IoT applications and systems solutions that reduce costs and improve efficiency and time to market speeds. The integration will give Avnet enhanced design, development and deployment capabilities for its end-to-end ecosystem. And users will benefit from new revenue opportunities.

The partnership adds capabilities to Avnet’s already robust ecosystem. IT combines Softweb Solutions’ software expertise with Avnet’s end-to-end hardware “design to deploy” ecosystem. Softweb’s primary solutions include data services, cognitive services, extended reality, and enterprise mobility.

Softweb’s IoT and data platforms and the company’s expertise in digital development, AI, and data advisory services will accelerate Avnet’s growth and enhance its customer value as a single partner resource.

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“We greatly value our existing business partnership with Avnet, and are excited to officially join the Avnet team,” added Ripal Vyas, CEO and owner of Softweb Solutions. “We are pleased that Avnet sees the immense value of our AI and software technology services and solutions, and we look forward to leveraging Avnet’s vast infrastructure, resources and expertise as a global technology solutions leader that enhances customers’ competitiveness and solves today’s business challenges.”

The transaction should close by the end of December 2018 or early in 2019. Though the companies did not disclose terms of the agreement, Avnet said it expects the acquisition to add 5 to 10 cents to its earnings per share by 2021.