Mon, 05 Jan 2015 | BUSINESS SALE
British multinational information technology firm, AVEVA Group, has purchased a risk management software provider based in Northern Ireland in a deal worth almost £27 million.
The firm snapped up 8over8, a provider to the oil and gas industry, with operations in Derry/Londonderry, North America, the Middle East and Australia. The purchase price of £26.9 million will be financed through its existing cash resources, AVEVA confirmed.
In order to ensure the “ongoing commitment" of key management people, a bonus and incentive arrangement has been put in place, the group added, both of which were “dependent upon the financial performance of the business over the next three years".
8over8's key offering is risk management software platform, ProCon, which is being used by "some of the largest companies" in the oil and gas and mining arenas.
Chief executive of AVEVA, Richard Longdon, confirmed that the deal served the needs of all relevant sectors: “Now more than ever before, our customers are seeking improved project control and reduced risk to their capital investment programmes”.
Revenue of £10 million and a before-tax profit of £3.1 million for the year ended 31 December 2013 was recorded by 8over8, while “continued growth” was expected in the year to 31 December 2014.
This opportunity centres around an established UK-based company with a diverse portfolio of heritage brands, catering to both specialist institutional customers and broader consumer markets.
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