Mergers and Acquistions News
Categories: Software
May 5th 2010, 16:58PM
Swiss automation and power utilities group ABB has agreed to acquire US-based software provider Ventyx for more than $1 billion (£659 million) from Vista Equity Partners.
Ventyx, which supplies software to global energy, utilities and communications businesses around the world, will form a single unit within ABB's related network management business within its Power Systems division.
Joe Hogan, chief executive officer of ABB, said energy companies and industrial customers will have a single supplier of enterprise-wide IT platforms and power automation systems as a result of the deal.
"The advantage for our shareholders is a cash-generating acquisition in an exciting growth market, with a strong management team, a highly complementary offering and geographic scope, and an attractive return on capital employed," he added.
News of the acquisition comes soon after the official launch of ABB's expanded semiconductor manufacturing plant in Lenzburg, Switzerland, following a three-year investment programme of $140 million (£92 million).
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