Avnet acquires Softweb to accelerate IoT expansion
Avnet recently announced that it will acquire Softweb Solutions, Inc., an artificial intelligence software company whose main business is to provide innovative software solutions for IoT applications and systems.
Softweb Solutions has approximately 500 employees in Dallas, Chicago and Ahmedabad, India. Since its inception in 2004, the Softweb team has provided more than 1,400 projects to 600 customers.
Softweb's integration of artificial intelligence software for IoT applications with its data services and digital processing capabilities provides Avnet with rapid design, development and deployment capabilities that further enhance Avnet's unique end-to-end ecosystem.
“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 be completed by the end of December 2018, the terms of the agreement are not yet disclosed.