Aveva, which helps engineers to design offshore oil rigs, is planning a rights issue amounting to $3.5 billionA Cambridge-based technology company that was a pioneer in computer-aided design will become Britain’s largest software group after agreeing a $5 billion takeover of an American peer. Aveva, which helps engineers design offshore oil rigs and automate factories, is acquiring Osisoft, an industrial software developer that collects data for its customers. The swoop is the largest in Aveva’s four decade history and its second multibillion-pound deal in recent years after its tie-up with a French rival in 2017. The British company is betting that manufacturers will continue to increase investment on software to cut costs, automate processes and make their operations more efficient. Osisoft, which is based in California, develops software that enables clients, such as drug and chemical companies, to analyse data from their

Source: The Times August 25, 2020 11:03 UTC