Schneider Electric Completes Take Over of Industrial Software Company AVEVA
Schneider Electric has completed its acquisition of AVEVA. Together, the two companies will provide a holistic approach to customers’ digital transformation journeys.
In a recent announcement, AVEVA informed its customers of the completion of its acquisition by energy management and digital automation solutions provider, Schneider Electric.
Schneider Electric has completed its acquisition of AVEVA. Image used courtesy of AVEVA
AVEVA is a British, globally-recognized information technology (IT) company with headquarters based in Cambridge, UK. The company’s primary focus is being a top provider of on-demand software for the digital twin and industrial information, enabling the evolution of the industrial metaverse. AVEVA serves manufacturing, power and utilities, mining, infrastructure, oil, gas, energy, chemicals, and transportation industries.
Together, AVEVA and Schneider Electric will provide a holistic approach to customers’ digital transformation journeys. Every digital improvement made could fine-tune resource and energy use, lower emissions, improve efficiency, and pave the way toward more sustainable operations.
Driving Digital Transformation
Digital transformation involves the use of digital technologies to create new or change existing business processes, culture, and customer experiences to meet changing business and market requirements. The industrial sector has been particularly impacted by digital transformation through the use of the Internet of Things (IoT) for data collection and analysis. These technologies are helping to optimize production processes, reduce costs, and increase productivity. With IoT-enabled devices, manufacturers can gather health status and performance data, monitor machines in real time, and make adjustments when required.
A mockup of Schneider Electric's EcoStruxure Plant with utilized software capabilities from AVEVA to bring customers a greater and more sustainable digital transformation. Image used courtesy of Siemens Electric
As highlighted in an article by McKinsey and Company, a company dealing with electronics assembly brought in the use of a real-time machine-learning algorithm to predict any potential assembly line issues before final testing, which reduced rework substantially and increased product yields by 30 to 50 percent. The company also linked up 80 machines via an IoT platform. This provided access to data concerning machine overall equipment effectiveness, enabling the identification and implementation of actions to help remove bottlenecks in lines. High peaks in demand could be met during the pandemic without the need for increasing labor.
Schneider Electric AVEVA Acquisition
Prior to the acquisition, the two companies had a long established partnership using AVEVA's industrial software to expand on Schneider Electric's IoT-enabled EcoStruxure system, bringing greater and more sustainable digital transformation practices to customers.
Schneider Electric announced its plans to acquire AVEVA back in September. In Schneider Electric's public Financial Information on the acquisition, they explained that the some of the key aims of the acquisition would be to become the top SaaS provider, with a focus on being subscription-based, and combine process and energy software into "one data hub."
Despite now being wholly owned by Schneider Electric, intentions have been acknowledged for the preservation of AVEVA’s business autonomy and future research and development projects.