Avnet (AVT) Enters Agreement to Acquire Hackster

November 14, 2016 7:01 AM EST

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Avnet, Inc. (NYSE: AVT) announced that it has acquired a majority interest in Hackster, Inc. (“Hackster.io”) as the first step of a two part transaction in which Avnet will acquire the remainder of the company in January 2017. Headquartered in San Francisco, California, Hackster.io is an online community that helps users globally learn how to design, create and program Internet-connected hardware. Hackster.io engages with nearly 90 technology partners, and maintains 100 Hackster Live ambassadors that support a network consisting of close to 200,000 engineers, makers and hobbyists.

“We are fully committed to helping start-ups bring their ideas to market. The addition of Hackster’s online platform will enable users to accelerate their hardware knowledge and time-to-market.” said William Amelio, Chief Executive Officer of Avnet. “The combination of Hackster.io with Avnet’s recently launched MakerSource resource directory and acquisition of Premier Farnell’s element 14 community will allow start-ups to design and create new ideas, then quickly find the resources to support them as they prepare to take their product to market.”

“Hardware can be intimidating for those who are just starting to learn, and even more so for those who are starting new ventures,” said Adam Benzion, cofounder and CEO at Hackster.io. “Creating a network for learning, sharing and launching new inventions has been at the core of our vision and values. With Avnet, we can accelerate our vision by reaching out to more people in more places, with better learning tools and a launch pad for creation.”



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