European multinational energy and automation company Schneider Electric has completed the merger of its industrial software business with engineering software company Aveva, enhancing the value proposition of Schneider Electric’s Internet of Things platform – EcoStruxure – for industrial and infrastructure customers.
This combination creates a global leader in engineering and industrial software with scale and relevance in key markets, as well as a set of solutions covering all aspects of digital asset management; from process simulation to design, construction and manufacturing operations management and optimisation.
Following the closing of this transaction, according to the terms set out in the Aveva prospectus, Schneider Electric owns 60% of Aveva Group on a fully diluted basis.
Schneider Electric deputy CEO and CFO Emmanuel Babeau and Schneider Electric industrial automation executive VP Peter Herweck have been appointed as nonexecutive directors of Aveva Group, with Babeau additionally assuming the role of vice-chairperson of Aveva.
Aveva will be fully consolidated in Schneider Electric accounts within the industrial automation division, with a full-year operational margin accretive to Aveva Group.