Today, AVEVA and OSIsoft announced today that they have come to an agreement in which AVEVA will acquire OSIsoft for US $5 billion.

The companies plan to combine their complementary product offerings, bringing together industrial software and data management to help customers accelerate their digital strategies.

OSIsoft said that its data management software will complement AVEVA’s end-to-end engineering, operations, and performance offerings. Integrating OSIsoft’s PI System into AVEVA’s 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, according to the companies.

This combination enables AVEVA to grow and diversify the industries it serves as well as continue to expand its footprint in existing and new markets and geographies.

Together, AVEVA and OSIsoft can provide solutions that span edge, plant, and enterprise deployment models, said the companies. With a combined 93 years of operating expertise and experience, they share a history of meeting the rapidly changing and evolving needs of their industrial customers, built on foundations of customer centricity and world-class talent.

OSIsoft’s PI System acts as a single system of record for operations data, designed for massive cloud-enabled scale and data sharing across enterprises, and enables operations decision making, it says. The company works with over 1,000 of the world’s leading power and utilities companies, 38 of the Global Fortune Top 40 oil and gas companies, all of the Global Fortune Top 10 metals and mining companies, 37 out of 50 of the world’s largest chemical and petrochemical companies and 9 out of 10 of the Global Fortune Top 10 pharmaceutical companies.

Craig Hayman, CEO of AVEVA, called the acquisition “another significant milestone in our journey to achieving the ambitious growth goals that we have set.”

OSIsoft founder and CEO Dr. J. Patrick Kennedy added: “Joining forces with AVEVA enhances and extends our ability to deliver on our key commitments to our customers, partners and employees. Together we will be better able to service the largest digital transformation projects in history, including across industry 4.0+ and IIoT.”

Today’s announcement is the culmination of a thoughtful search for a respected organization that would mesh with our own strong mission- and customer-driven culture. The next chapter in PI’s fifth decade will be exciting for our employees and customers, and I look forward to my continued involvement in my new role as the largest individual shareholder in the combined company and as Chairman Emeritus to ensure we realize the full benefits of this transaction,” he added.