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Aveva splashes cash on acquisitions
03 Jun 2010
Software
firm Aveva has gone on a spending spree, snapping up one company and
assets from another to boost is product offering.
The group has bought Denmark's Logimatic Software and assets from
Norway's ADB Systemer AS for a total £17.2 million and said its
acquisition ambitions are not yet complete.
Chief executive Richard Longdon said the deals leave the company with
cash reserves of £130 million, even after it increased its full-year
dividend by 81% last month. This will be used for further bolt-on deals,
he added.
Mr Longdon said both companies have leading technology, but had lacked
the sales channels to exploit it, particularly in Asia.
Logimatic, which it bought for about £12.8 million, produces software
that handles the production planning process and will be incorporated
into the Aveva Net arm of the company.
"It's a natural fit," Longdon said. "After the design phase, it's the
next step along.
"ADP's product is more about integrating the various aspects of the
design of a plant, with customers in the oil and gas market."
Copyright © Press Association 2010
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