Avnet Acquires Hackster Inc.

November 14, 2016

Significantly Expands Design Strategy in the Idea Generation Phase

PHOENIX--(BUSINESS WIRE)-- Avnet, Inc. (NYSE: AVT) announced today that it has acquired a majority interest in Hackster, Inc. ("Hackster.io") as the first step of a two part transaction in which Avnet will acquire the remainder of the company in January 2017. Headquartered in San Francisco, California, Hackster.io is an online community that helps users globally learn how to design, create and program Internet-connected hardware. Hackster.io engages with nearly 90 technology partners, and maintains 100 Hackster Live ambassadors that support a network consisting of close to 200,000 engineers, makers and hobbyists.

"We are fully committed to helping start-ups bring their ideas to market. The addition of Hackster's online platform will enable users to accelerate their hardware knowledge and time-to-market." said William Amelio, Chief Executive Officer of Avnet. "The combination of Hackster.io with Avnet's recently launched MakerSource resource directory and acquisition of Premier Farnell's element 14 community will allow start-ups to design and create new ideas, then quickly find the resources to support them as they prepare to take their product to market."

"Hardware can be intimidating for those who are just starting to learn, and even more so for those who are starting new ventures," said Adam Benzion, cofounder and CEO at Hackster.io. "Creating a network for learning, sharing and launching new inventions has been at the core of our vision and values. With Avnet, we can accelerate our vision by reaching out to more people in more places, with better learning tools and a launch pad for creation."

About Hackster.io

Ben Larralde and Adam Benzion founded Hackster.io to help people everywhere learn how to design, create and program Internet-connected hardware. They wanted to build a friendly, curated and welcoming environment for engineers, makers and ethical hackers who are interested in learning by doing.

About Avnet, Inc.

From components to cloud and design to disposal, Avnet, Inc. (NYSE:AVT) accelerates the success of customers who build, sell and use technology globally by providing them with a comprehensive portfolio of innovative products, services and solutions. For more information, visit www.avnet.com. (AVT_IR)

Avnet, Inc.
Media Relations Contact
Maureen O'Leary, 480-643-7499
Investor Relations Contact
Vincent Keenan, 480-643-7053

Source: Avnet, Inc.

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