Software giant Aveva signs £3.8bn deal to buy OSIsoft

Engineering and industrial software giant Aveva has agreed to buy California-based data company OSIsoft in a massive 5 billion dollar (£3.8bn) deal.

The deal has been announced to the stock exchange.

OSIsoft has around 1,400 employees and its systems are used on 14,000 sites in 127 different countries. It helps customers ranging from large oil companies and miners to pharmaceutical giants to collect and analyse their data.

In the 12 months to June 30, OSIsoft had revenue of 488.5 million dollars (£373 million) and adjusted earnings before interest and tax (Ebit) of 152.2 million dollars (£116 million).

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Aveva chief executive Craig Hayman said: “The acquisition of OSIsoft is perfectly in line with our strategic vision and it will accelerate the enlarged group’s role in the digitisation of the industrial world, which is being driven by a need for sustainability, the industrial internet of things, cloud, data visualisation and artificial intelligence.

“The acquisition will enable Aveva to broaden and deepen its relationships with existing and new customers and bring a more comprehensive product portfolio to market.”

Dr J Patrick Kennedy, the founder and chief executive of OSIsoft, said: “Joining forces with Aveva enhances and extends our ability to deliver on our key commitments to our customers, partners and employees.

“Together we will be better able to service the largest digital transformation projects in history.”

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