Aveva Acquires SoftBank-backed OSIsoft for $5 Billion

Aveva Acquires SoftBank-backed OSIsoft for _5 Billion

UK-based industrial software provider Aveva has acquired OSIsoft for $5 Billion. SoftBank Group’s Vision Fund is selling its 44.7% stake OSIsoft for more than $2 billion in cash.

The acquisition will enable Aveva to broaden its relationships with existing and new customers and bring a more comprehensive product portfolio to the market. OSIsoft develops and sells software that manages industrial data. The acquisition will allow Aveva, which also sells industrial software, to combine product offerings.

Read More: Cloud Technology is Fueling a More Empowered Workforce

The acquisition is expected to close at the end of this year. Software providers are growing in business as industrial companies incorporate more software into their manufacturing to cut costs and improve their supply chains.

Source: Ukreuters

Previous articleThe Worldwide Public Cloud Services Market Is Booming
Next articleMicrosoft Adds Audio Transcription to Word