Great Digital Acceleration: AVEVA’s Acquisition of OSISoft Creates Industrial Software Giant
AVEVA Group announced that it would acquire OSISoft in a transaction worth roughly $5 billion, resulting in the largest industrial software company in the world. The deal but is set to create a powerful combined company – assuming the transaction closes and integrates effectively. Management projects that the combined company would have annual revenues of around £1.2 billion and adjusted EBIT of £330 million. AVEVA is a global leader in engineering and industrial software, with engineering, planning and operations, asset performance, and monitoring and control solutions and over 16,000 customers. AVEVA also mentioned that demand for its own software has been robust despite coronavirus-related disruption, with demand for cloud solutions particularly strong, following a period where reported revenues declined by roughly 5% resulting from a transition to subscription pricing.