Engineering IT specialist Aveva has snapped up an oil and gas software firm for £26.9million as it places a bet that its customers will be seeking to cut costs.
The Cambridge-based company acquired 8over8 from management and private investors.
The Northern-Ireland headquartered firm’s flagship product is ProCon – a risk management software platform used by some of the largest companies in the oil & gas, mining, and construction industries around the globe.
Richard Longdon, chief executive of Aveva, said: “Now more than ever before, our customers are seeking improved project control and reduced risk to their capital investment programmes.
“We are responding to the needs of all the industries we serve to help our customers maximise their return on capital investment, and our EPC customers to drive greater efficiency, enhancing their profitability and competitive differentiation whilst providing a well-established global platform to accelerate the roll-out of ProCon.”
The oil and gas sector accounts for about half of Aveva’s sales.
The two founders of the Londonderry technology company 8over8 will share a payout of more than £10million.
Gerry McGurgan and Declan Gribbin set up the business 15 years ago.