United States Avnet Tender

Avnet Inc. 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 Softwebs track record for bringing IoT solutions to market todays announcement formalizes a game-changing element of Avnets overall solutions strategy. The integration of Softwebs 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 Avnets 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 Avnets 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. Softwebs 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 Avnets growth.Softweb Solutions has approximately 500 employees who are located in Dallas Chicago and Ahmedabad India. The Softweb team has delivered more than 1400 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 Avnets vast infrastructure resources and expertise as a global technology solutions leader that enhances customers competitiveness and solves todays 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 Avnets IoT efforts in addition to contributing 0.05 - 0.10 in Adjusted EPS by 2021.