AVEVA, OSISoft to unlock AI-driven data software

As the value of the big data and analytics market is predicted to tick over $US274 billion next year, AVEVA plans to be at the forefront of information management across the industrial sector.

The combination of the companies has resulted in the development of a software which aims to improve people’s understanding of the entire industrial lifecycle, called Performance Intelligence.

The software connects information and artificial intelligence (AI) with human insight to enable faster and more accurate decision making.

AVEVA chief executive Craig Hayman said the acquisition and resultant advances would change the industry for the better.

“Together we’re redefining the capabilities of industrial software. Through Performance Intelligence, we can see worlds of data from bold new angles, and inspire better understanding of complex value chains, to boost performance and drive sustainability,” Hayman said.

“The combined impact of AVEVA and OSIsoft will enable our customers to manage complex industries more efficiently.”

AVEVA stated that the software would improve organisation productivity, operational agility and overall sustainability, not to mention subsequent cost reductions.

The two companies announced the acquisition last August and have now received all approvals necessary to proceed.

OSIsoft founder J. Patrick Kennedy said his thanks to the innovators who took advantage of his company’s products in all kinds of applications.

“We stand in awe of the innovation of our customers – the people who operate our society’s essential industries – who use our technology every day to improve performance, protect health and safety, keep the lights on and make the world run more smoothly,” Kennedy said.

“They have inspired us to join forces with AVEVA so that we can broaden our scope and increase the value we can bring to their important work.”

AVEVA has over 20,000 customers worldwide and only expects those numbers to grow as a result of the acquisition.