Aveva enjoys strong third quarter as OSIsoft deal nears completion
Aveva has enjoyed a strong third quarter which saw its revenue grow 1.5 per cent in the first nine months ahead of OSIsoft deal closure.
The industrial software company also ended the year with no debt and £2.7b in cash.
Aveva’s approval from the Committee on Foreign Investment in the United States (CFIUS) for the acquisition of US tech firm OSIsoft is expected by February, with intentions to close the deal shortly after, following the procurement for $5b last August.
The company, the largest software company on the FTSE 100, has benefitted from industrial digitalisation trends which aided recurring revenue growth of 10 per cent which now accounts for 68 per cent of overall group revenue.
With the winning of two large three-year renewed contracts, the Board is “confident” in Aveva’s outlook.