Another UK tech company bought out: Schneider Electric grabs rest of Aveva
Yet another major UK technology business is to pass into foreign ownership with Schneider Electric's £9.48 billion deal to acquire all the outstanding shares in Aveva.Brit industrial and engineering software outfit
According to Schneider, the move will allow it to take a"holistic approach to digitization" across a customer's operations and deliver improvements such as a reduction in energy, carbon and resource intensity that will help customers to move towards greater efficiency and sustainability. Schneider became the largest shareholder in Aveva in 2018, when the UK company agreed to merge with Schneider's own industrial software business. The shares are actually held by Samos Acquisition Company, an indirect wholly owned subsidiary of Schneider, and the agreement will see these and the remaining outstanding shares acquired by Ascot Acquisition Holdings Limited, another indirect subsidiary of Schneider.
According to analyst outfit Megabuyte, Schneider plans to transition Aveva's portfolio to a subscription and cloud-based SaaS model, expand its R&D presence, and retain the group as a standalone global operation that will remain based at its headquarters in Cambridge, UK.
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