Software player Aveva has acquired OSIsoft, a real-time industrial data software and services company with several oil and gas industry clients, in a $5 billion deal to boost its digitalisation skills.

The deal will combine the companies' industrial software and data management to help customers accelerate their digital transformation strategies, Aveva said.

“OSIsoft’s data management software will complement Aveva’s comprehensive end-to-end engineering, operations, and performance offerings,” Aveva added.

“Integrating OSIsoft’s PI System into Aveva’s comprehensive software portfolio will create an integrated data foundation that can drive big data, cloud and AI-driven insights to create meaningful business outcomes for customers."

OSIsoft’s PI System enables customers to collect, normalise, store, and stream real-time, high-fidelity operational data to applications and analytics.

The PI System acts as a single system of record for operations data, designed for massive cloud-enabled scale and data sharing across enterprises.

According to Aveva, OSIsoft works with over 1000 of the world’s leading power and utilities companies, 38 oil and gas companies, as well as 37 out of 50 of the world's largest chemical and petrochemical companies.

The combined company can provide full-stack solutions that span edge, plant, and enterprise deployment models.

Craig Hayman, chief executive of AVEVA, said: “Data has been enabling organisations to more effectively determine the cause of problems by allowing them to visualise what is happening in different locations, departments and systems.

“This agreement will enable our customers to improve business processes as well as eliminate inefficiencies."