Smith Square Partners is pleased to announce that it has acted as financial adviser to the shareholders of 8over8 Limited, the Northern Ireland based provider of contract risk management software to the Oil & Gas, Mining and other infrastructure industries, in relation to its sale to AVEVA Group plc for £27 milllion.
The acquisition provides AVEVA with the software platform to address the current global need for increased project control, capital discipline, minimising project overruns, and delivering improved efficiency in operations.
8over8’s flagship product is ProCon, a risk management software platform that connects Owner Operators (OOs) and Engineering Procurement Construction companies (EPCs) throughout the project life cycle. ProCon can be deployed on site, or through a privately managed cloud, providing real-time risk management for major capital projects. Trusted to manage contract execution in multi-billion dollar capital projects globally, ProCon is firmly established in the largest capital-intensive energy projects in the world.
Richard Longdon, CEO, AVEVA commenting on the acquisition, said, ‘Now more than ever before, our customers are seeking improved project control and reduced risk to their capital investment programmes. We are responding to the needs of all the industries we serve to help our OO customers maximise their return on capital investment, and our EPC customers to drive greater efficiency, enhancing their profitability and competitive differentiation while providing a well-established global platform to accelerate the rollout of ProCon.
‘By acquiring 8over8, AVEVA is uniquely placed to ensure both technical and contractual integrity changes are captured during the project life cycle and provides further proof of AVEVA’s ongoing strategy to grow its business both organically and through acquisition.’
‘Delays and cost overruns are costing billions of dollars when the need for capital discipline has never been greater,’ says Clare Colhoun, CEO, 8over8. ‘We have enjoyed rapid expansion in the adoption of the ProCon platform and emerged as the leader in contractual risk management software. Joining AVEVA gives us the chance to take ProCon to an even wider global market and I’m excited by the opportunities this acquisition brings for our customers, solutions and employees. We will certainly benefit from AVEVA’s global network of professionals, industry expertise and commitment to technology innovation.’
8over8 Limited is a fast growing company with offices in Europe, North America, Australia and the Middle East. Headquartered in Derry, Northern Ireland, 8over8 provides contractual risk management solutions to owner operators of large capital projects in the oil & gas, mining sectors. Its flagship product ProCon enhances control of commercial engagement, enables connected-decision making, and ensures predictable outcomes by providing a commercial firewall against cost overruns and claims. The company has built a blue-chip customer base, with 100 per cent retention.