Engineering software vendor the Aveva Group has paid £27m for 8over8, a software firm specialising in risk management programs for the oil and gas sectors.
The deal will see 8over8 founders Gerry McGurgan and Declan Gribbin pocket £10m after selling their business, with the pair owning around 40% of the company between them.
Richard Longdon, chief executive of Aveva, said: "Now more than ever before, our customers are seeking improved project control and reduced risk to their capital investment programmes.
"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."
Clare Colhoun, chief executive of 8over8, said that joining Aveva gave her company the chance to access a bigger market for ProCon, the firm’s contractual risk management software.
"Delays and cost overruns are costing billions of dollars when the need for capital discipline has never been greater," she added.