Avnet AVT recently announced that it has collaborated with AmazonAMZN’s wholly owned subsidiary, Amazon Web Services (AWS), to help the original equipment manufacturers (OEMs) of the Internet of Things (IoT) solutions accelerate their time to market. Post the announcement, shares of the global technology distributor rallied 3.2% in the after-hour trading session on Tuesday.
With this agreement, Avnet has added a number of AWS-powered IoT solutions to its IoTConnect Platform. Therefore, AVT customers will soon have access to AWS-powered IoT development services, including AWS IoT Core, FreeRTOS, AWS IoT Analytics, AWS IoT Greengrass and AWS IoT SiteWise.
Powered by AWS application-specific IoT services, Avnet’s IoTConnect Platform will provide advanced capabilities, such as pre-integrated edge-to-cloud hardware designs and full lifecycle secure device and identity management. Therefore, the platform is expected to help OEMs, which are designing connected solutions, overcome the pressure on the time to market, scalability, reliability and security.
IoT products require additional software, security and cloud management skillsets. With access to pre-integrated and abstracted capabilities on Avnet’s IoTConnect Platform, OEMs can easily assemble and deploy AWS IoT services, thereby accelerating their efforts and reducing overhead for building IoT products and solutions.
Avnet, Inc. Price and Consensus
Avnet, Inc. price consensus chart | Avnet, Inc. Quote
Expanding Presence in IoT Space
Over the past few years, Avnet has been trying to expand its presence in the IoT space. On the IoT front, the company made several acquisitions, such as Dragon Innovation, Premier Farnell and Hackster.io, to enhance its capabilities in this space.
Partnerships are also helping the company expand its global reach and enhance its customer base. In November 2021, AVT announced collaborating with the Austin-based real estate investment trust, Digital Realty Trust DLR, to develop high-performance, cloud-based and secure universal video streaming services. The solution will enable companies and application providers to develop, launch and enhance their video broadcasting product offerings.
Avnet Integrated, which provides differentiated financial (or trade) solutions, including digital storefronts, end-user transactions and creative supply-line solutions, developed and scaled solutions using Digital Realty’s first-ever global data center platform – PlatformDIGITAL.
The first solution developed under this collaboration is equipped with Advanced Micro DevicesAMD 3rd Generation AMD EPYC-based server and integrated with Xilinx’s U30 Field-Programmable Gate Array accelerator card. The solution is currently available for entertainment companies, cable companies, digital content providers, fintech, remote surgery or health care providers, and military and aerospace companies.
Currently, Avnet sports a Zacks Rank #1 (Strong Buy), Digital Realty and Advanced Micro Devices each carry a Zacks Rank #3 (Hold), while Amazon carry a Zacks Rank #5 (Strong Sell). While shares of AVT have rallied 3.2% year to date (“YTD”), AMZN, DLR and AMD have plunged 34.8%, 27.6% and 41.8%, respectively. you can see the complete list of today’s Zacks #1 Rank stocks here†
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