Derry software firm 8over8 has been bought by Cambridge based IT company AVEVA for £26.9 million.
Based at the North West Regional Science Park at Fort George the company now has offices across the US, Australia, the Middle East and the rest of Europe.
8over8’s flagship product is ProCon, a risk management software platform, which is used by some of the largest oil and gas mining firms.
AVEVA Chief Executive Richard Longdon said the acquisition provides the software platform for AVEVA to address the current global need for increased project control, capital discipline, minimising project overruns, and delivering improved efficiency in operations.
“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.”
Clare Colhoun, Chief Executive of 8over said, “Delays and cost overruns are costing billions of dollars when the need for capital discipline has never been greater.
“We have enjoyed rapid expansion in the adoption of the ProCon platform and emerged as the leader in contractual risk management software. Joining AVEVA gives us the chance to take ProCon to an even wider global market and I’m excited by the opportunities this acquisition brings for our customers, solutions and employees. We will certainly benefit from AVEVA’s global network of professionals, industry expertise and commitment to technology innovation.”