DLA Piper advised Avnet on the deal
Avnet, Inc. (Nasdaq: AVT) executed the acquisition of 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 Softweb’s track record for bringing IoT solutions to market, today’s announcement formalizes a game-changing element of Avnet’s overall solutions strategy. The integration of Softweb’s 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 Avnet’s unique end-to-end ecosystem and provides for new and recurring, margin-enhancing revenue opportunities.
Softweb Solutions has approximately 500 employees who are located in Dallas, Chicago and Ahmedabad, India. The Softweb team has delivered more than 1,400 projects to 600 clients since its founding in 2004.
Terms of the agreement were not disclosed. The acquisition will be immediately accretive to Adjusted EPS. Softweb is expected to accelerate Avnet’s IoT efforts in addition to contributing $0.05 – $0.10 in Adjusted EPS by 2021.
Avnet, Inc. distributes computer products and semiconductors, as well as interconnect, passive, and electromechanical components. The company, led by William J Amelio, Thomas Liguori and Kevin Sellers, in 2018 recorded $19.036 Billion Revenues.
DLA Piper has advised Avnet, Inc. with a team including Benjamin Parameswaran (Picture), Sebastian Decker, Sophie von Mandelsloh, Gerald Schumann, Hanna Lütkens, Semin O., Louis Lehot, Eric Chow and Syeda Nazifa Nawroj.
In India, Cyril Amarchand Mangaldas Advocates & Solicitors advised Avnet, Inc. with a team led by partner Smruti Shah.
Avnet was further advised by Corporate Finance advisor Will Halverstadt of the Worldbridge consulting group.
Involved fees earner: Gerald Schumann – Baker McKenzie; Smruti Shah – Cyril Amarchand Mangaldas; Eric Chow – DLA Piper; Sebastian Decker – DLA Piper; Louis Lehot – DLA Piper; Hanna Lütkens – DLA Piper; Syeda Nazifa Nawroj – DLA Piper; Semin O – DLA Piper; Benjamin Parameswaran – DLA Piper; Sophie von Mandelsloh – DLA Piper;
Clients: Avnet Inc.;