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.
Serving blue-chip data management and security technology clients across the globe, this disruptive software development company provides tools and services to assess, repair, and recover, and migrate enterprise backup products.
Operating internationally, the company delivers tailored electrical distribution and control solutions to public and private sector clients across a wide range of industries.
This substantial 43-bedroom urban hotel, situated just 5 miles from Newcastle city centre, offers an exceptional investment opportunity with its prime trading location and extensive public areas, including a popular bar and refurbished function room.
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