British industrial software group Aveva has agreed to buy Softbank backed OSIsoft, a California based global leader in real-time industrial data software and services for $5 billion. Softbank acquired 44.7% stake in OSIsoft in 2017 and has been selling its assets to finance buybacks and pay down debt.
This deal will help Aveva to grow in existing markets as well as expand to new ones. Combining OSIsoft's PI system with Aveva 's inclusive software portfolio will create such a data foundation that can drive big data, Cloud, and AI-driven insights to create significant results for the consumer. This acquisition will strengthen Aveva's position not only as a global leader for industrial software but also as a leader in digitization and IIoT. With a combined experience of 93 years, both companies have adapted to the rapidly changing needs of their industrial consumers, and built on foundations centered on consumers.
Craig Hayman, Aveva’s Chief Executive said, “The acquisition of OSIsoft ... will accelerate the Enlarged Group’s role in the digitisation of the industrial world, which is being driven by a need for sustainability, the industrial internet of things, Cloud, data visualisation and artificial intelligence." The deal is supposed to close at the end of this year.