From Breakingviews - Aveva owner Schneider may run out of patience
. Ceasing new business in Russia, which accounts for 2% of revenue, and additional costs such as wages are to blame.
A transition to a subscription model from one-off licence fees should help smooth out revenue streams in the long term. In the meantime, however, a 73% collapse in the share price this year, including a 14% fall on Wednesday, leaves the firm looking vulnerable. Software is a highly fragmented industry, and strategic deals offer potential synergies. It’s also popular with private equity. At 6.5 billion pounds, Aveva’s enterprise value is within reach of bigger buyout groups.
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