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Avnet Inc. (NYSE: AVT), Phoenix, AZ, said it will acquire Softweb Solutions, Inc., a privately held software and Artificial Intelligence (AI) company that offers Internet of Things (IoT) applications and systems designed to "increase efficiency, speed time to market, and help businesses transform."
The deal expands the electronic components distributor's IoT business and adds new capabilities to its software solutions and overall service offerings. The transaction is expected to close by the end of the year, the company said.