The Cambridge, UK-based company is accelerating development of its VNET portal, based on its GBP 3.2m ($5.9m) acquisition of start-up Realitywave in March. This allows staff such as maintenance engineers to view information developed on its own software, that of its competitors, and other applications such as SAP and Documentum without the need for additional software licences.
Over GBP 3m ($5.5m) has already been invested in Vnet since its launch in 2003 generating revenue of GBP 3.2m ($5.9m). Now another GBP 2m ($3.7m) is to be invested in the product over the next 12 months by Aveva who see it as a significant opportunity to accelerate profitability in future years. It promises a significant return on investment in the current financial year.
The company may also seek partners to sell VNET to other industry with a large number of physical assets, such as railroads.
With target markets of oil and gas, power and marine, Aveva has end customers with large order books and this is reflected on its annual figures.
In the year to March 31, net income fell 26.3% to GBP 2.9m ($5.3m) after the company was hit by a GBP 2.3m ($4.2) special charge for acquisitions. Revenue climbed 50.9% to GBP 57.5m ($105.6m) and, while this was boosted by a GBP 13.8m ($25.3m) contribution from Tribon, organic growth was 15%.
The logic of the Tribon takeover was that the two companies could put their software together for the design of offshore oil vessels, which required both shipmaking and pipe design skills.
The company has even managed to persuade the world’s biggest shipbuilder Hyundai, part of the Hyundai Heavy Industries Co group, to contribute $8m to development costs of integrating the two software suites.
