Avnet acquires AI, IoT software company
Privately held Softweb Solutions provides software solutions for Internet of Things (IoT) applications and systems designed to increase efficiency, speed time to market, and help businesses transform. The integration of Softweb’s AI software for IoT applications, along with its data services and digital process capabilities, says Avnet, provides it with a rapid design, development, and deployment capability that further enhances its end-to-end ecosystem and provides for new 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,” says 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.”
Ripal Vyas, CEO and owner of Softweb Solutions adds, “We greatly value our existing business partnership with Avnet, and are excited to officially join the Avnet team. 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.”
Founded in 2004, Softweb Solutions has approximately 500 employees located in Dallas, Chicago, and Ahmedabad, India. The transaction is expected to close by the end of December 2018. Terms of the agreement were not disclosed.
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