AVEVA Group plc Acquisition of Bocad Group
AVEVA Group plc ("AVEVA"; stock code: AVV), one of the world's leading providers of engineering design and design IT systems, today announces the acquisition of the Bocad group of companies ("Bocad") based in Belgium and Germany from the founders for cash consideration of €17.5m (£14.0 million) on a debt free/cash free basis which has been settled from existing cash resources.
The acquisition of Bocad significantly strengthens AVEVA's 3D structural detailing capabilities for the plant, marine and fabrication markets. Bocad provides a comprehensive suite of applications for the design, detailing and assembly of structural steel and other materials and directly complements AVEVA's world-class 3D design software; PDMS and AVEVA Marine. The combination creates a unique end-to-end offering for engineering design, as well as adding best-in-class structural detailing functionality to the AVEVA Engineering & Design product portfolio. The acquisition is further supported by the established integration between the two product sets which is bringing significant benefits to customers.
The acquisition brings to AVEVA a team of 90 structural professionals who develop, distribute and support the Bocad products. Bocad has offices in Belgium, Germany, Malaysia, Canada and France and has a worldwide user base in Oil & Gas, Power, Marine and Fabrication markets. The expanded portfolio provides AVEVA with an unrivalled suite of Integrated Engineering & Design solutions.
Commenting on the acquisition, Richard Longdon, Chief Executive of AVEVA said: "We are delighted to strengthen our product portfolio with Bocad's industry leading solution for structural detailing. This acquisition further extends AVEVA's position in the Engineering & Design market providing the most comprehensive 3D design software for plant and marine. We're excited about the opportunity to unlock the commercial potential for Bocad's leading technology in a number of markets in which AVEVA already has a strong presence."