(Bloomberg) -- Aveva Group Plc is in advanced talks to acquire industrial software maker OSIsoft LLC for about $5 billion, according to people familiar with the matter.
Aveva, which combined with Schneider Electric SE’s industrial software arm in 2018, has entered exclusive talks about a purchase of OSIsoft, according to the people. A deal could be announced within weeks, the people said, asking not to be identified because the matter is private.
Cambridge, England-based Aveva beat out several other industrial bidders, the people said. A final agreement hasn’t been reached and talks could still fall apart, according to the people.
OSIsoft Founder and Chief Executive Officer J. Patrick Kennedy, along with minority owner SoftBank Group Corp., have been working with advisers on a potential sale of the company, Bloomberg News previously reported. SoftBank’s stake is held in its Vision Fund.
Representatives for Aveva, OSIsoft, SoftBank, Schneider and Kennedy declined to comment.
OSIsoft, based in San Leandro, California, sells software for use in sectors including oil and gas, utilities, manufacturing and pharmaceutical development, according to its website.
The world’s biggest industrial companies have been acquiring technology firms for the past few years as they shift their focus from machinery to software and automation.
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