ENGINEERING firm Aveva has bought risk management software business 8over8 for £26.9m.
Northern Ireland-based 8over8 provides risk management software to the oil and gas and infrastructure industries. The firm’s clients include BG Group, BP and Shell.
The deal was carried out using Aveva’s existing cash resources, and an additional bonus and incentive arrangement has been put in place to secure the ongoing commitment of key management, conditional upon financial performance.
Richard Longdon, Aveva chief executive, said: “Now more than ever before, our customers are seeking improved project control and reduced risk to their capital investment programmes. By acquiring 8over8, Aveva is uniquely placed to ensure both technical and contractual integrity changes are captured during the project life cycle and provides further proof of Aveva’s ongoing strategy to grow its business organically and through acquisition.”