Posted on Tuesday 6 January 2015 by Ulster Business
The first major deal of the new year has seen a Londonderry software company taken over for £26.9m, according to a release to the London Stock Exchange (LSE).
8over8 develops and markets software to the oil and gas industry and, after piquing the interest of AVEVA last year, sealed the first takeover deal of 2015 in Northern Ireland with the Cambridge IT firm.
8over8 employs around 70 people at its Derry base and expects to grow further under its new parent, which is listed on the LSE.
Investment bank Panmure Gordon said the founders of 8over8 negotiated a good price for the company.
"Aveva's latest acquisition looks like a sensible deal at an okay price…but with a little bit of pushing Aveva could have got this for less - after all, 8over8 is a young company operating in a difficult end market and hamstrung with a decidedly '1.0' name," analyst George O'Connor said.
Richard Longdon, Chief Executive of AVEVA, said ProCon, 8over8’s flagship product which is used by some of the world’s biggest oil and gas, mining and construction companies, offers huge potential.
“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."