Engineering design software provider Aveva who finished the financial year with good momentum (see here), is off to a good start for the current year with the acquisition of the Bocad group of companies. It will pay €17.5m (£14.0) on a debt free/cash free basis (from existing cash resources) for the group, which is based in Belgium and Germany.
The rationale behind the deal is obvious - Bocads suite of applications for the design, detailing and assembly of structural steel and other materials will be a good complement to Aveva’s 3D design software and Aveva says it will strengthen its 3D structural detailing capabilities for the plant, marine and fabrication markets. Overall it is positive addition and follows the smaller Z+F acquisition in late 2011 (see here).