AVEVA Group agrees merger with Schneider Electric Software
French energy group Schneider Electric has agreed to merge its software arm with UK engineering software firm AVEVA, creating a company worth around £3bn. Schneider will take a majority stake in AVEVA, which will retain its base in Cambridge and remain listed on the London Stock Exchange. Its share price rose by 25.7% in the day following the announcement. The merger enables the enlarged AVEVA Group to offer a more comprehensive range of engineering and industrial software and expand its geographic presence and customer base. It diversifies and broadens AVEVA’s reach in industries such as chemicals, food, mining, pharmaceuticals and water in particular. This year AVEVA celebrates 50 years since it was spun out of Cambridge University. Today the company employs 1,700 people worldwide and generated revenues of £215.8m in the last fiscal year. Schneider Electric Software employs 2,700 people and recorded sales of £441.7m.