The integration of Softweb’s AI software for IoT applications, in addition to its digital process and data services capabilities, will give Avnet with a rapid design, development, and deployment capability
Avnet, Inc., a leading global distributor of electronic components and embedded solutions, announced that it will acquire software and artificial intelligence (AI) company, Inc.
Softweb Solutions, founded in 2004, offers innovative software solutions for internet of things (IoT) applications and systems that are engineered to enhance efficiency, speed time to market and help transform businesses.
The deal is like to be concluded by the end of December this year. However, the company didn’t disclose the terms of the agreement. The acquisition will be immediately accretive to adjusted earnings per share (EPS). Softweb is likely to accelerate IoT efforts of Avnet.
The integration of Softweb’s best-in-class AI software for IoT applications, in addition to its digital process and data services capabilities, will give Avnet with a rapid design, development, and deployment capability. The acquisition will further enhance the unique end-to-end ecosystem of Avnet and provides for new and recurring, margin-increasing opportunities of revenue.
Commenting on the development, Bill Amelio, Chief Executive Officer, Avnet, said, “By capitalising on our longstanding partnership with Softweb, we are adding new capabilities to Avnet’s already robust ecosystem – combining the power of their software expertise with the strength of our end-to-end hardware ‘design to deploy’ ecosystem.”
Greater value to customers
“Softweb’s formidable IoT and data platforms, plus their expertise in AI, data advisory and digital development services, will enable us to bring even greater value to our customers as a single partner resource while accelerating Avnet’s growth,” he added.
Ripal Vyas, CEO and Owner of Softweb Solutions, said, “We greatly value our existing business partnership with Avnet, and are excited to officially join the Avnet team. 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.”