Avnet Buys Majority Stake In Hackster For Undisclosed Terms

Avnet, Inc. AVT revealed the purchase of a majority interest in Hackster, Inc. for undisclosed terms and conditions. The move is termed as the first step of a two part transaction. The ultimate objective is to buy the remaining portion of the stake in January next year.

Avnet CEO William Amelio commented, "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."

Hackster.io is an online community helping users learn design, create and program Internet-connected hardware. The company is engaged with about 90 technology partners, and retains 100 Hackster Live ambassadors supporting a network of nearly 200,000 engineers, makers and hobbyists.

Avnet indicated that the integration with its recently introduced MarketSource and acquisition of Premier Farnell’s element 14 community would enable start-ups to create design and fresh ideas before taking their product to the market.

Cofounder and CEO at Hackster.io Adam Benzion said, "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."

AVT closed Friday at $43.76.