1st Jun 2015 08:07
LONDON (Alliance News) - Engineering software company AVEVA Group PLC on Monday said it has struck a deal to acquire FabTrol Systems Inc from the Dowco Group of Companies for USD6.5 million in cash.
FTSE 250-listed AVEVA said FabTrol is a US-based company which provides fabrication management software to the steel fabrication industry. It said the deal will boost its fabrication portfolio and will provide integration across the steel fabrication supply chain.
The USD6.5 million consideration is being funded from AVEVA's existing cash resources, and it expects the deal to be earnings accretive in the current financial year.
"We are delighted to further strengthen our product portfolio. In 2012, AVEVA acquired the industry's most technically advanced steel detailing solution, Bocad. FabTrol is an obvious extension to our portfolio, positioning AVEVA to offer an end-to-end solution for steel design, detailing and fabrication. This latest acquisition will enable us to significantly grow our footprint in this important market," said Chief Executive Richard Longdon.
Shares in AVEVA were up 0.1% to 1,943.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
AVV.L