Avnet buys AI specialist Softweb Solutions to bolster its IoT software proposition
Phoenix based electronics distributor and internet-of-things (IoT) developer platform Avnet has struck a deal to acquire Chicago IoT solutions vendor Softweb Solutions for an undisclosed fee.
Softweb Solutions specialises in artificial intelligence (AI) software for IoT applications and systems. Avnet, a major partner of AT&T and Cisco, among others, and a major distributor of embedded systems by trade, has expanded its software portfolio in recent years to plug the gap between manufacturers and developers, particularly in the IoT space.
The deal with Softweb Solutions, a long-time Avnet partner, provides Avnet with new software capabilities, and will expand and expedite its design, development, and deployment offer for IoT manufacturers and developers.
Bill Amelio, chief executive at Avnet, said: “Softweb’s formidable IoT and data platforms, plus its 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.”
Ripal Vyas, chief executive and owner of Softweb, said:“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.”
Softweb, founded in 2004, has around 500 staff across offices in Dallas and Chicago in the US and Ahmedabad in India. The deal is expected to close by the end of December 2018.
In late 2016, in a gear-shift for the company, Avnet acquired UK-based hardware and software distributor Premier Farnell for £691 million, and developer platform Hackster.io for an undisclosed fee. The Premier Farnell purchase included element14, an online engineers’ community.
The deals together flagged Avnet’s development as a ‘middle-man’ in the electronics space beyond straight distribution and logistics, to close the gap between supply and demand on the engineering side of the IoT market.