Aveva acquires FabTrol for $6.5m

1st Jun 2015 11:35

Engineering data and design IT systems provider Aveva has reached an agreement to acquire FabTrol Systems from the Dowco Group of Companies for $6.5m (£4.26m).The FTSE 250 company said it expected the deal for the US fabrication management software provider to be completed by 26 June, adding the acquisition will add to its earnings from the next financial year.Aveva said the transaction will be funded by existing cash resources and that the acquisition will expand its fabrication portfolio."FabTrol is an obvious extension to our portfolio, positioning AVEVA to offer an end-to-end solution for steel design, detailing and fabrication," said group chief executive Richard Longdon."This latest acquisition will enable us to significantly grow our footprint in this important market."Aveva shares were down 1.13% to 1,923.00p at 11:47 on Monday.