Avnet to Acquire Softweb Solutions; Adds Software and Artificial Intelligence to Ecosystem and Bolsters IoT Capabilities
Positions Avnet as the premier provider for AI, IoT and digital data platform solutions
Building on Avnet and Softweb’s track record for bringing IoT solutions to market, today’s announcement formalizes a game-changing element of Avnet’s overall solutions strategy. The integration of Softweb’s best-of-breed AI software for IoT applications, along with its data services and digital process capabilities, provides Avnet with a rapid design, development, and deployment capability that further enhances Avnet’s unique end-to-end ecosystem and provides for new and recurring, margin-enhancing revenue opportunities.
“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
Softweb Solutions has approximately 500 employees who are located in
“We greatly value our existing business partnership with Avnet, and are excited to officially join the Avnet team,” said 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 is expected to close by the end of
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This document contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management’s current expectations and are subject to uncertainty and changes in facts and circumstances. The forward-looking statements herein include statements addressing future financial and operating results of Avnet and may include words such as “will,” “anticipate,” “intend,” “estimate,” “forecast,” “expect,” “feel,” “believe,” “should,” and other words and terms of similar meaning in connection with any discussions of future operating or financial performance, business prospects or market conditions. Actual results may differ materially from the expectations contained in the forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: Avnet’s ability to retain and grow market share and to generate additional cash flow, risks associated with any acquisition activities and the successful integration of acquired companies, implementing and maintaining ERP systems, supplier losses and changes to supplier programs, an industry down-cycle in semiconductors, declines in sales, changes in business conditions and the economy in general, changes in market demand and pricing pressures, any material changes in the allocation of product or price discounts by suppliers, and other competitive and/or regulatory factors affecting the businesses of Avnet generally.
More detailed information about these and other factors is set forth in
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Avnet is a global technology solutions provider with an extensive ecosystem delivering design, product, marketing and supply chain expertise for customers at every stage of the product lifecycle. We transform ideas into intelligent solutions, reducing the time, cost and complexities of bringing products to market. For nearly a century, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)
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