We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC.
    • Podcast
    • Blogs
      • Analytics & Big Data
      • Best Practices
      • Dispatches
      • Empowering Your Performance Edge
      • Logistics Problem Solving
      • One-Off Sound Off
      • Public Sector Logistics
      • Two Sides of the Logistics Coin
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2020
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC.
    • Podcast
    • Blogs
      • Analytics & Big Data
      • Best Practices
      • Dispatches
      • Empowering Your Performance Edge
      • Logistics Problem Solving
      • One-Off Sound Off
      • Public Sector Logistics
      • Two Sides of the Logistics Coin
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2020
    • Upload Your Video
Home » Avnet to Acquire Softweb Solutions; Adds Software and Artificial Intelligence to Ecosystem and Bolst
Press releases are provided by companies as is and have not been edited or checked for accuracy. Any queries should be directed to the company issuing the release.

Upload your press release

Avnet to Acquire Softweb Solutions; Adds Software and Artificial Intelligence to Ecosystem and Bolst

December 12, 2018
No Comments

PHOENIX—December 12, 2018— Avnet, Inc. (Nasdaq: AVT) today announced that it will acquire Softweb Solutions, Inc., a privately held software and Artificial Intelligence (AI) company that delivers innovative software solutions for Internet of Things (IoT) applications and systems designed to increase efficiency, speed time to market, and help businesses transform.

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 Bill Amelio, Chief Executive Officer, Avnet. "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."

Softweb Solutions has approximately 500 employees who are located in Dallas, Chicago and Ahmedabad, India. The Softweb team has delivered more than 1,400 projects to 600 clients since its founding in 2004.

"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 December 2018. Terms of the agreement were not disclosed. The acquisition will be immediately accretive to Adjusted EPS. Softweb is expected to accelerate Avnet's IoT efforts in addition to contributing $0.05 - $0.10 in Adjusted EPS by 2021.

Submit your logistics, material handling, or supply chain related company news in DC VELOCITY's Industry Press Room section or New Products section
  • Related Articles

    Avnet to Acquire Witekio, Enhancing End-to-End IoT Strategy with Deep Embedded Software Expertise

    Avnet Adds relayr IIoT Stack to Digital Solutions Portfolio

    Trimble to Acquire Kuebix to Transform and Connect the Transportation Logistics Ecosystem

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Cold chain giant Lineage Logistics buys its own rail operator

  • Outlook 2021: What’s in store for logistics supply chain?

  • Cushman & Wakefield Brokers Sale of 170 Acres plus Lease for 1MSF Build-to-Suit for Home Improvement Retailer in Commerce City, CO.

  • Thriving in the long haul: interview with Colin Yankee

  • Biden names dozens of senior leaders to DOT, including FMCSA and FRA

Now Playing on DCV-TV

2mw 01 18 21 thumb

LTL Carriers Using Yield Management Techniques to Identify New Accessorial Charges

DCV-TV 4: Viewer Contributed
As we head into 2021, shippers are not too optimistic about negotiating rates with their carriers. The reason for this, as highlighted in the three CODE RED Webcasts we've hosted with our friends from CSCMP and NASSTRAC, is that in today's transportation marketplace, shippers are operating in uncharted waters. With...

FEATURED WHITE PAPERS

  • Proven Benefits: A Compendium of Slotting Optimization Success Snapshots

  • Bridging Information Gaps in Dock and Yard Operations

  • How Intelligent Sensor Solutions Turn Data Into Action

  • Order picking Solutions: Understanding Your Options

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2021. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing