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Positions Avnet as the premierprovider for AI, IoT and digital data platform solutions
PHOENIX - Media OutReach - 13 December2018 - Avnet, Inc. (Nasdaq: AVT) today announcedthat it will acquire SoftwebSolutions, Inc., a privately held software andArtificial Intelligence (AI) company that delivers innovative softwaresolutions for Internet of Things (IoT) applications and systems designed toincrease efficiency, speed time to market, and help businesses transform.
Building on Avnet and Softweb's track recordfor bringing IoT solutions to market,today's announcement formalizes a game-changing element of Avnet's overallsolutions strategy. The integration of Softweb's best-of-breed AI software forIoT applications, along with its data services and digital process capabilities,provides Avnet with a rapid design, development, and deployment capability thatfurther enhances Avnet's unique end-to-end ecosystem and provides for new andrecurring, margin-enhancing revenue opportunities.
"By capitalizing on our longstandingpartnership with Softweb, we are adding new capabilities to Avnet's alreadyrobust ecosystem -- combining the power of theirsoftware expertise with the strength of our end-to-end hardware 'design todeploy' ecosystem," said Bill Amelio,Chief Executive Officer, Avnet. "Softweb's formidable IoT and data platforms,plus their expertise in AI, data advisory anddigital development services, will enable us to bring even greater value to ourcustomers as a single partnerresource while accelerating Avnet's growth."
SoftwebSolutions has approximately 500 employees who are located in Dallas, Chicagoand Ahmedabad, India. The Softweb team has delivered more than 1,400 projects to 600 clientssince its founding in 2004.
"We greatly value our existingbusiness partnership with Avnet, and are excited to officially jointhe Avnet team," said Ripal Vyas, CEO and owner of SoftwebSolutions. "We are pleased that Avnet sees the immense value of our AI andsoftware technology services and solutions, and we look forward to leveragingAvnet's vast infrastructure, resources and expertise as a global technology solutions leader that enhances customers' competitiveness and solvestoday's business challenges."
The transaction is expected toclose 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 toaccelerate Avnet's IoT efforts in addition to contributing $0.05 - $0.10 inAdjusted EPS by 2021.
Allbrands and trade names are trademarks or registered trademarks, and are theproperties of their respective owners. Avnet disclaims any proprietary interestin marks other than its own.
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Forward-LookingStatements
This document containscertain "forward-looking statements" within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities ExchangeAct of 1934, as amended. These statements are based on management's currentexpectations and are subject to uncertainty and changes in facts andcircumstances. The forward-looking statements herein include statementsaddressing future financial and operating results of Avnet and may includewords such as "will," "anticipate," "intend," "estimate," "forecast," "expect,""feel," "believe," "should," and other words and terms of similar meaning inconnection with any discussions of future operating or financial performance,business prospects or market conditions. Actual results may differ materiallyfrom the expectations contained in the forward-looking statements.
The following factors, among others, couldcause actual results to differ materially from those described in theforward-looking statements: Avnet's ability to retain and grow market share andto generate additional cash flow, risks associated with any acquisitionactivities and the successful integration of acquired companies, implementingand maintaining ERP systems, supplier losses and changes to supplier programs,an industry down-cycle in semiconductors, declines in sales, changes inbusiness conditions and the economy in general, changes in market demand andpricing pressures, any material changes in the allocation of product or pricediscounts by suppliers, and other competitive and/or regulatory factorsaffecting the businesses of Avnet generally.
More detailed information about these and other factorsis set forth in Avnet's filings with the Securities and Exchange Commission,including Avnet's reports on Form 10-K, Form 10-Q and Form 8-K. Except asrequired by law, Avnet is under no obligation to update any forward-lookingstatements, whether as a result of new information, future events or otherwise.
About Avnet
Avnet is a global technology solutions provider with anextensive ecosystem delivering design, product, marketing and supply chainexpertise for customers at every stage of the product lifecycle. We transformideas into intelligent solutions, reducing the time, cost and complexities ofbringing products to market. For nearly a century, Avnet has helped itscustomers and suppliers around the world realize the transformativepossibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)
