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.
The company designs and delivers electronic portfolios for organisations that capture and assess evidence for personal, professional, and organisation recognition, internationally. The company creates leading digital solutions that mirror and enhance...
A distributor of oils and ancillary cleaning products to a wide client base, and is not dependent on any one client or market sector. These Items are an essential component to ensure smooth operation of equipment and reduce wear & tear and reduce ope...
The company is an equestrian business comprising a popular retail store, accredited livery and riding facilities and a competitive events operation, operating from an attractive rural location in the East Midlands.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.