Global tech giant Aveva has demonstrated its “ambitious growth goals” by taking over Softbank-backed OSIsoft in a deal worth £3.8 billion.
The two firms will combine their complimentary product offerings, bringing together industrial software and data management to help speed up digital transformational strategies.
The Cambridge-based firm is aiming to expand its portfolio by incorporating OSIsoft’s PI System.
It acts as a single hub for recording operations data, allowing cloud-enabled data sharing across factories and aiding AI-driven solutions.
California-headquartered OSIsoft, an industry leader in real-time data software, works with over 1,000 of the world’s foremost power and utilities companies, as well as 38 of the Global Fortune Top 40 oil and gas companies and 37 out of 50 of the world’s largest chemical and petrochemical companies.
It’s hoped the new partnership will allow the combined firm to “generate significant value” for its stakeholders by creating “new opportunities for innovation”.
Craig Hayman, chief executive of AVEVA, said: “Combining AVEVA and OSIsoft is yet another significant milestone in our journey to achieving the ambitious growth goals that we have set.
“This will not only help us serve existing customers better but also open the flood gates to new opportunities which will accelerate the delivery of our digitization vision. Data has been enabling organizations to more effectively determine the cause of problems by allowing them to visualize what is happening in different locations, departments and systems.
“This agreement will enable our customers to improve business processes as well as eliminate inefficiencies. We are extremely proud to be moving into the next chapter with an even stronger solutions portfolio as well as an ever-increasing and robust customer base which continues to make us leaders in our sector.”
OSIsoft founder and chief executive, Dr. J. Patrick Kennedy added: “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, including across industry 4.0+ and IIoT. AVEVA’s interest in OSIsoft is a testament to our talented team, and the extraordinary value of the PI System as the real-time streaming data infrastructure that powers the industrial world.
“Today’s announcement is the culmination of a thoughtful search for a respected organization that would mesh with our own strong mission- and customer-driven culture. The next chapter in PI’s fifth decade will be exciting for our employees and customers, and I look forward to my continued involvement in my new role as the largest individual shareholder in the combined company and as Chairman Emeritus to ensure we realize the full benefits of this transaction.”