Derry-based software firm 8over8 has been bought today for £26.9 million with plans by the new owner to expand.
With other offices in Europe, North America, Australia and the Middle East, 8over8 provides contract risk management software to the oil and gas, and mining industries.
Aveva has bought the company.
Its chief executive Richard Longdon said the buy-out provides the software platform for Aveva to address the current global need for increased project control, capital discipline, minimising project overruns, and delivering improved efficiency in operations.
“By acquiring 8over8, Aveva is uniquely placed to ensure both technical and contractual integrity changes are captured during the project life cycle,” he said.
Clare Colhoun, chief executive of 8over8, said delays and cost overruns are costing billions of dollars when the need for capital discipline has never been greater.
She said joining Aveva gives 8over8 the chance to take software to an even wider global market.
The company, based at the new science park, has already added ten new jobs in the past year and hopes now to add more.
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