Aveva (AVV.L) has announced a $5bn (£4bn) deal to buy Californian company OSIsoft.

Aveva chief executive Craig Hayman said the takeover would “enable Aveva to broaden and deepen its relationships with existing and new customers and bring a more comprehensive product portfolio to market.”

Aveva sells software to industrial and engineering firms to help them visualise and plan projects. OSIsoft is a data management company.

“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,” Hayman said.

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

The company had revenues of $488.5m (£373m) in the 12 months to 30 June and pulled in adjusted earnings of $152.2m (£116m).

Shares in Aveva rose 2%.

Source - Yahoo Finance

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