In Internet of Things acquisition news, Phoenix-based electronics components distributor Avnet is acquiring Softweb Solutions, a privately held software and AI company with a focus on IoT applications and systems, IoT Evolution reports. Softweb Solutions builds enterprise software solutions to increase efficiency and reduce time to market.
“By capitalizing 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.”
“By capitalizing 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,” said Bill Amelio, CEO, Avnet, in a press release. “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.”
The acquisition complements Avnet’s overall solutions strategy. By integrating Software’s AI software for IoT applications, along with its data services and digital process heft, Avnet intends to strengthen its end-to-end ecosystem and unlock new revenue opportunities.
Softweb Solutions’ 500 employees span Dallas, Chicago and Ahmedabad, India. Since the company was founded in 2004, their team has since shipped more than 1,400 projects on behalf of 600 clients, according to their press release.
“We greatly value our existing business partnership with Avnet, and are excited to officially join the Avnet team,” said Ripal Vyas, CEO and owner, 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.”
In finer details, the transaction is expected to close by the end of December 2018 and terms of the agreement were undisclosed.