ABB buys US software firm Ventyx for one billion dollars
Swedish-Swiss engineering group ABB on Wednesday said it has agreed to buy US software firm Ventyx from Vista Equity Partners for more than one billion dollars (771 million euros).
The cash acquisition would triple the energy management software market available to ABB, the group, which provides power and automation technology, said in a statement.
"The big advantage for energy companies, utilities and industrial customers is that they will now have a single supplier of enterprise-wide information technology platforms and power automation systems," said Joe Hogan, chief executive of ABB.
Based in Atlanta Georgia, Ventyx employs 900 people and posted sales of about 250 million dollars in 2009.
ABB plans to combine its network management business with Ventyx to create a single unit that provides energy management software solutions.
© 2010 AFP