AVEVA Acquires Software Business 8over8 For GBP26.9 Million

LONDON (Alliance News) - AVEVA Group PLC said Monday that it has acquired 8over8 Ltd for GBP26.9 ...

Alliance News 5 January, 2015 | 9:09AM
Email Form

LONDON (Alliance News) - AVEVA Group PLC said Monday that it has acquired 8over8 Ltd for GBP26.9 million from the software business's management and some private individuals, a deal it expects to bolster earnings in the first full year after the deal completes.

8over8 provides contract risk management software for the oil, gas and mining, and other infrastructure industries. It posted a pretax profit of GBP3.1 million for 2013 on revenue of GBP10.0 million.

AVEVA said it has funded the acquisition through its existing cash resources.

AVEVA said that it has also put in place a bonus and incentive arrangement, with vesting dependent on the financial performance of the business over the next three years.

"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 both organically and through acquisition," said Chief Executive Officer Richard Longdon in a statement.

Shares in AVEVA are trading up 1.6% at 1,300.00 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2015 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
AVEVA Group PLC 2,634.00 GBX -0.30 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.