UK-based power plant construction firm Aveva has acquired 8over8, an Ulster University spin-out based in Northern Ireland, for £27m ($41m).
The deal will see 8over8 provide its flagship product ProCon, a risk management software platform widely used by oil and gas mining firms, to the Cambridge-based construction firm.
According to news provider BBC, the two founders of 8over8, Gerry McGurgan and Declan Gribbin, will share a pay out of £10m for the company they founded 15 years ago. The company is currently operating in the UK, North America, Australia, United Arab Emirates, Oman, and Qatar.
Richard Longdon, CEO 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 OO customers maximise their return on capital investment, and our EPC customers to drive greater efficiency, enhancing their profitability and competitive differentiation while providing a well-established global platform to accelerate the rollout of ProCon.
“By acquiring 8over8, AVEVA is uniquely placed to ensure both technical and contractual integrity changes are captured during the project life cycle and provides further proof of AVEVA’s ongoing strategy to grow its business both organically and through acquisition.”
