Adding increased project control to the operations dashboard for oil and gas project development.
Power and process plant design and operations software specialist Aveva opens the new year by adding risk management to its operations oversight portfolio. The Cambridge, UK firm is buying 8over8 Ltd, the developer of ProCon, a risk management platform that connects the owner/operator with the engineering procurement and construction (EPC) team.
Terms were not disclosed.
ProCon can be deployed on site, or through a privately managed cloud, providing real-time risk management for major capital projects. The product is already in use on a variety of multi-billion dollar capital projects globally.
Aveva CEO Richard Longdon said the acquisition provides the software platform for Aveva to better provide increased project control, capital discipline, minimizing project overruns, and delivering improved efficiency in operations. In essence the software adds contractual integrity to the change order watch, providing a way to see both technical and business change orders at the same time.
“Delays and cost overruns are costing billions of dollars when the need for capital discipline has never been greater,” says Clare Colhoun, CEO, 8over8. “We have enjoyed rapid expansion in the adoption of the ProCon platform and emerged as the leader in contractual risk management software. Joining AVEVA gives us the chance to take ProCon to an even wider global market.”