AVEVA Group plc - Seeking Alpha

Results for the year ended 31 March 2019

AVEVA Group plc

29 May 2019

© 2019 AVEVA Group plc and its subsidiaries. All rights reserved.

This presentation may include predictions, estimates, intentions, beliefs and other statements

that are or may be construed as being forward-looking. While these forward-looking statements

represent our current judgment on what the future holds, they are subject to risks and

uncertainties that could result in actual outcomes differing materially from those projected in

these statements. No statement contained herein constitutes a commitment by AVEVA to

perform any particular action or to deliver any particular product or product features. Readers

are cautioned not to place undue reliance on these forward-looking statements, which reflect our

opinions only as of the date of this presentation.

The Company shall not be obliged to disclose any revision to these forward-looking statements to

reflect events or circumstances occurring after the date on which they are made or to reflect the

occurrence of future events.

2 © 2019 AVEVA Group plc and its subsidiaries. All rights reserved.

Highlights

3

Craig Hayman, CEO


Summary for FY19

4

✓ Strong financial performance

Constant currency revenue growth +12.4%

Adjusted EBIT margin up 160bps to 23.8%

Recurring revenue up 270bps to 54.3%

✓ Integration on track

Management structures integrated across all functions

Systems and cultural integration well progressed

Initiatives in place to drive value in FY20, e.g. pricing, further recurring revenue growth

✓ Outlook remains positive

Digitalisation is driving strong demand

On track to meet medium-term targets of delivering revenue growth at least in-line with the industrial software market, increasing recurring revenue as a percentage of overall revenue to 60% and improving AVEVA’s Adjusted EBIT margin to 30%

2018

692.5

154.0

Growth

11.9%

19.8%

Revenue (£m)

Year ended 31 March

Adjusted EBIT (£m)

775.2

184.5

Adjusted diluted EPS (pence) 90.9

2019

27.0%71.6

Pro forma results

Leading the digitalisation of the industrial

world


Broad growth in FY19


Engineering

43% of revenue

High-teens growth

Monitor & Control

32% of revenue

Mid-single digit growth

APM

20% growth

Planning & Operations

High-single digit growth

14% of revenue 11% of revenue

Financial Review

6

James Kidd, Deputy CEO and CFO


Strong financial performance

• Constant currency revenue +12.4%

• Recurring revenue up 270bps to 54.3%

• Strong balance sheet with net cash and deposits of £127.8m

© 2019 AVEVA Group plc and its subsidiaries. All rights reserved.7

Pro forma results for the year ended 31 March 2019

Total revenue

£775.2m

11.9%

Adjusted EBIT

£184.5m

19.8%

Adjusted EBIT margin

23.8%

160bps

Adjusted diluted EPS

90.9p

27.0%

Final dividend

29.0p

7.4%

Pro forma income statement

• Growth driven by strong sales

execution

• Gross margin up 90bps to 75.3% and

adjusted EBIT margin up 160bps to

23.8%

• Operational leverage partly offset by

incremental investments in sales,

marketing and R&D

• Effective tax rate reduced to 20.2%

(FY18: 23.5%), benefiting from ongoing

R&D tax incentives in the UK and the

USA


The pro forma income statement excludes acquisition accounting adjustments, exceptional items and normalised items. These are excluded to provide a reliable and consistent presentation of the underlying performance of the Group. FY18 is restated under IFRS 15.

Adjusted EBIT, profit before tax, adjusted profit margin and adjusted diluted earnings per share are calculated before amortisation of intangible assets (excluding other software), share-based payments, gain/loss on the fair value of forward foreign exchange contracts and exceptional items.

Year ended 31 March2019£m

2018£m

Change

Revenue 775.2 692.5 11.9%

Cost of sales (191.3) (177.6) 7.7%

Gross profit 583.9 514.9 13.4%

Gross margin 75.3% 74.4% 90bps

Operating expenses (399.4) (360.9) 10.7%

Adjusted EBIT* 184.5 154.0 19.8%

Adjusted EBIT margin 23.8% 22.2% 160bps

Net interest (0.5) (2.8) -

Adjusted profit before tax* 184.0 151.2 21.7%

Tax charge (37.1) (35.5) 4.5%

Adjusted profit after tax 146.9 115.7 27.0%

Adjusted diluted EPS* (pence) 90.90 71.59 27.0%

Pro forma revenue breakdown

9

• 17.8% growth in recurring revenues, driven by 40.2% increase in rental & subscription revenues

• Recurring revenue as a percentage of overall revenue increased by 270bps to 54.3%

• Training & services 18.4% of total revenue, a reduction of 120bps due to the faster growth in software


% of total2018£m

% of total Change

Rentals & subscriptions 219.4 28.3% 156.5 22.6% 40.2%

Support & maintenance 201.8 26.0% 201.1 29.0% 0.3%

Recurring revenue 421.2 54.3% 357.6 51.6% 17.8%

Initial fees & perpetual 211.6 27.3% 199.5 28.8% 6.1%

Training & services 142.4 18.4% 135.4 19.6% 5.2%

Total 775.2 100% 692.5 100% 11.9%


Pro forma cost base

10

• Cost of sales: Increase driven by sales outperformance

• Research & Development: Expenditure no longer capitalised, investment in innovation partly offset by efficiency savings

• Selling & distribution: higher sales commissions due to the strong performance, investment in sales function and customer events

• Administrative costs: Higher bonuses in relation to strong financial performance, national insurance costs relating to share options, new senior hires and additional support functions


2018£m

Change

Cost of sales 191.3 177.6 7.7%

Research & development 114.5 99.0 15.7%

Selling & distribution 196.7 179.1 9.8%

Administrative 81.9 80.3 2.0%

Net impairment loss on financial assets 6.3 2.5 -

Total opex 399.4 360.9 10.7%

Total 590.7 538.5 9.7%


Pro forma cost bridge

11

• All R&D expensed (FY18: £9.9m capitalised)

• Cost of sale: Increased year-on-year cost of sale

• Commissions and bonuses: Net increase in sales commissions and bonuses due to revenue outperformance

• Investment: Incremental investments to drive future growth including customer events, sales events, accelerated R&D and new sales / marketing hires

• Underlying inflation: Ongoing wage inflation

• Cost savings: Cost synergies achieved in the year

F Y 2 0 1 8 T O T A L E X P E N S I N G R & D

C O S T O F S A L E S C O M M I S S I O N S & B O N U S E S

I N V E S T M E N T U N D E R L Y I N G I N F L A T I O N

B A D D E B T C O S T S A V I N G S F Y 2 0 1 9 T O T A L


Year ended 31 March 2019 versus prior year

£590.7m

£538.5m

Exceptional and normalised items

12

• Acquisition and integration costs:Consultancy fees paid to advisors; deal related executive retention costs; Finance, HR, IT and Legal integration costs; provision for an onerous lease

• Restructuring costs: Severance payments relating to duplicated roles

• Amortisation of intangibles:Primarily amortisation of heritage AVEVA intangible assets under reverse acquisition accounting following the Combination

• Share based payments: Increased due to senior hires


2018£m

Acquisition and integration activities 23.0 29.5

Restructuring costs 5.9 2.9

Movement in provision for sales tax - (3.0)

Impairment of R&D - 15.0

Total exceptional items 28.9 44.4

Amortisation (exc. other software) 88.1 50.5

Share based payments 11.2 4.0

Loss / (gain) on FX contracts 0.5 (0.6)

Total normalised items 99.8 53.9


Balance sheet

13

• Strong balance sheet with no debt, £127.2m of cash and £0.6m of treasury deposits

• Contract assets increased due to revenue recognition on longer-term contracts

• Completion accounts adjustment payment made to Schneider Electric of £19.4m

31 March 2019£m

31 March 2018£m

Non-current assets 1,923.0 1,992.9

Trade and other receivables 237.9 230.4

Contract assets 100.5 67.6

Cash and deposits 127.8 105.8

Other current assets 11.6 12.5

Total assets 2,400.8 2,409.2

Trade and other payables 156.8 147.2

Contract liabilities 174.6 141.7

Loans and borrowings - 10.0

Shareholders’ equity 1,924.5 1,954.7

Other liabilities 144.9 155.6

Total shareholders’ equity and liabilities 2,400.8 2,409.2


FY18 is restated under IFRS 15

Pro forma cash flow


• Conversion of adjusted EBIT to operating cash flow before tax was 91.7%

2019£m

2018£m

Net cash from operating activities before tax 169.1 118.7

Tax paid (32.4) (33.6)

Consideration paid on completion of business combination (19.4) -

Capital expenditure (net) (7.6) (2.2)

Net interest (0.5) (2.6)

Dividends paid (66.0) (17.3)

Purchase of own shares (9.3) (0.3)

Change in funding with related parties - (18.1)

Return of value to shareholders net of issue costs - (101.7)

Other - 0.2

Increase in net cash and deposits 33.9 (56.9)

Foreign exchange movement (1.9) (0.5)

Opening net cash and deposits 95.8 153.2

Closing net cash and deposits 127.8 95.8

Integration updateCost savings and Transitional Service Agreements (TSAs)

• Exited 70% of the TSAs with Schneider Electric

• Cost saving programme on track – more than half of the £25m annual savings implemented

• Over 2,200 employees (83%) of SES transferred on to AVEVA payroll and benefits

Sales and marketing

• Re-branding of the enlarged Group completed

• Single CRM implemented delivering significant benefits

• Implemented new processes for pricing and launched subscription offering for Monitoring & Control

Major location consolidation

• Real estate consolidation programme on track – 10 sites consolidated

• Expansion of Hyderabad office to over 1,000 professionals. One of three major R&D hubs

Areas of focus

• IT integration and TSA exit (system integration, security, infrastructure)

• Value creation programme focusing on pricing, renewals, subscription transition

• ERP harmonised implementation


Operational review

16

Craig Hayman, CEO


Driving the digitalisation of the industrial world

17

Digitalisation is driving growing demand for industrial software

AVEVA is optimally placed to capture this demand due to its unique product portfolio, which runs end-to-end from Simulation through to Operations

Leading thedigitalisation ofthe industrial

world


Digital transformation at ADNOC

Business challenge

ADNOC is transforming into an Industry 4.0

organisation to maximise returns from every

barrel of oil. To begin this journey, data was

centralised and integrated into a single

operating platform.


ADNOC is one of the world’s energy producers, operating across the hydrocarbon value chain

Solutions provided

Monitoring & Control to provide a real-time overview

of operations

Asset Performance Management to reduce

maintenance costs and downtime

Planning & Scheduling to optimise production planning

For video see: https://sw.aveva.com/success-stories/adnoc

Medium-term targets

19

Revenue

Recurring Revenue


Constant currency growth at least in line with industrial software market

• Grow underlying software business in excess of market growth rates

• Partly offset by focus on recurring revenue

Aim to increase Recurring Revenue as a percentage of total revenue, driven by:• Increasing the mix of Rentals & Subscriptions as a proportion of new software revenue• Growing software as part of the revenue mix• Increase recurring revenue to over 60%

An improvement in adjusted EBIT margin to 30%, achieved through:• Operational leverage

• Focus on high margin revenue growth through pricing and revenue mix optimisation

• Cost control with underlying growth limited to inflation

• Cost saving programme – £25m run rate by the end of FY20


Set at September 2018 capital markets day

Medium-term targets


Progress in FY19

+11.9%£775.2m

+17.8%£421.2m

+160bps23.8%

Revenue

Recurring Revenue


Rental & subscription revenue: Up over 40%

Recurring software revenue growth: 3x versus training & services

Recurring revenue: up to 54.3% (FY18: 51.6%)

AVEVA Cloud: 37 new enterprise scale customers

AVEVA Flex: 1st subscription offering introduced for Monitoring & Control

Improvement in gross margin: Higher proportion of software revenue

Improvement in operating margin: Operational leverage starting to show through

Substantial reinvestment: Increased investment in R&D, sales force and marketing

Direct sales force integration: Management from Q1 FY19, systems from Q3 FY19

Channel sales force: Double digit growth, new channel leadership

Schneider Electric relationship: 10% growth in sales to £80m

Product integration: Combined portfolio launched at AVEVA World Summit

Marketing investment: Customer events and new marketing leadership

Focus on Asset Performance ManagementBuilding the knowledge graph for the industrial sector

Digital Twin / Information ManagementProven scalability

Integration to hundreds of devices and business systems

Data model is integrated with 3D physical plant model

Risk-based MaintenanceConnects APM strategy to business strategy

Simplified user interface and attractive TCO

Preventive Maintenance (EAM)Integrated condition and predictive maintenance capability

Predictive MaintenanceAdvanced model templates, alert workflow, case library, fault

diagnostics, with Industrial asset SME

MobilityMobile device and OS agnostic

Intuitive user interface for creating, testing and deploying inspections and procedures

Connect

Collect

Analyse

Act


AVEVA Flex: A new subscription offer for Monitoring & Control


FLEXIBILITY to monitor, operate, control, analyse and optimise industrial operations

Commercial flexibility

Technical flexibility

Architectural flexibility

Early customer wins:

Two major North American Food & Beverage companies

Steel manufacturer


AVEVA operates an independent board with two non-independent, non executive directors from Schneider Electric

AVEVA’s results financially fully consolidated into the Schneider Electric Industrial Automation business

Schneider Electric 60% shareholding in AVEVA reflected within Schneider's valuation

Schneider Electric as sales partners

• Joint sales and marketing of AVEVA and

Schneider Electric EcoStruxure solutions

• Schneider Electric distributes AVEVA’s

solutions through its global partner

network

Schneider Electric as a customer

• AVEVA Lean digitisation solution for

discrete manufacturing

Deployed across 60 factories

• AVEVA Factory Insight solution for

IT/OT condition based maintenance

Deployed across 30 factories

+

Schneider Electric relationship with AVEVA drives 10% of total revenue

Focus for FY20

24

Revenue

Recurring Revenue


Constant currency growth at least in line with industrial software market

• Continued focus: Channel sales, Schneider Electric relationship, product development

• Pricing: Standardised contractual terms introduced, improved management of discounting


Driving towards medium term targets

Aim to increase Recurring Revenue as a percentage of total revenue towards medium target• Sales incentive optimisation: Incentives in place to drive recurring revenue

An improvement in adjusted EBIT margin towards medium term target• Cost control

• Implementation of remaining cost savings: £25m run-rate by the end of the year

Summary and Outlook

Summary

• Strong sales performance delivering growth across all regions and product categories

• Excellent progress made on integration

• Progress on achieving medium term targets

Outlook

• Outlook remains positive

• On track to meet medium-term targets


Appendices

26© 2019 AVEVA Group plc and its subsidiaries. All rights reserved.


End-to-end product portfolio

27

Engineering

43% of revenue

Process Engineering & Simulation: DYNSIM Dynamic Simulation, Pro/11 Process Engineering, SimCental Simulation Platform

Engineering & Design: AVEVA Engineering, AVEVA E3D

Operator Training: AR/VR Immersive Training, Operator Training Simulators

Procure, Construct, Handover: AVEVA ERM

Monitor & Control

32% of revenue

HMI / Visualisation: InTouch HMI

SCADA: System Platform, CitecSCADA (for process plants), OaSyS SCADA (for pipelines)

APM Planning & Operations

Plan & ScheduleUnified Supply Chain Management: Enterprise Crude Knowledge Management

Operate & OptimiseManufacturing Operations:Manufacturing Execution System, Recipe Management, Batch Management, Energy Performance, Smart Water Solutions, AmplaOperations Management (Mining), Refinery Operations Management

Optimisation: Advanced Process Control, ROMeo Process Optimisation

14% of revenue 11% of revenue


Asset Strategy: APM Assessment, Risk-Based Maintenance

Asset Information: AVEVA Engage, AVEVA Net, AVEVA Information Standards Manager, AVEVA Change Manager

Asset Analysis: Predictive Asset Analytics, Condition Management Intelligence, Augmented Reality for Maintenance

Asset Maintenance: Control of Work, Mobile Operator Rounds

Business units drivers

28

Engineering

Customer BenefitIntegrated process engineering and engineering design with constant feedback on design changes to reduce design, build and operating costs

Monitor & Control

Customer BenefitEdge to enterprise visualisation and monitoring

Multi-site supervision and control

Asset Performance Management Planning & Operations

Reduced operating costs

Increased productivity

Customer Benefit Customer Benefit


Engineering information, real-time data and transactional history in context enables the most effective use of analytics and artificial intelligence

Drivers in FY19 Drivers in FY19 Drivers in FY19 Drivers in FY19

Mid-single digit growth driven by customers upgrading software and favourable end market conditions across Discrete, Hybrid, Process and Infrastructure

High-teens growth driven by plant 3D design and process simulation

20% growth driven by AVEVA Advanced Analytics and AVEVA NET / Engage

High single-digit growth driven by Operations Execution & Trading and Planning & Scheduling

Avenues for growth

29

Engineering

Asset Performance Management

Planning and Operations

Monitoring and Control

Established positions Focus areaU

pst

ream

Do

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Min

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Po

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F&B

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Mid

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Dis

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Wat

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Mar

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DiscreteBatch and

HybridProcess

Utilities and Infrastructure


End markets

30

• Other markets: Water & Wastewater, Infrastructure and Discrete Manufacturing

Oil & Gas

>40% of revenue

Moderate growth

Marine

5-10% of revenue

Pockets of growth

Power

Non-cyclical, ongoing growth

Packaged Goods Metals & Mining

Moderate growth

5-10% of revenue 5-10% of revenue 5-10% of revenue


Smart mines for metals and coal

Food & Beverage, Pharma

Engineering design for nuclear and conventional power plants

Engineering design for complex ships

15% Upstream, 10% Mid-stream, 15% Downstream

Chemicals & Petrochemicals

5-10% of revenue

Moderate growth

Engineering / simulation and operations

Non-cyclical, ongoing growth

Pro forma revenue by region


Asia Pacific EMEA Americas Total Total

£m FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18

Rentals and subscriptions 49.8 32.5 107.8 97.7 61.8 26.3 219.4 156.5 40.2%

Support and maintenance 48.6 47.0 74.6 62.9 78.6 91.2 201.8 201.1 0.3%

Total recurring revenue 98.4 79.5 182.4 160.6 140.4 117.5 421.2 357.6 17.8%

Initial fees and perpetuals 57.3 68.5 86.6 59.7 67.7 71.3 211.6 199.5 6.1%

Training and services 27.8 29.4 48.8 45.5 65.8 60.5 142.4 135.4 5.2%

Total 183.5 177.4 317.8 265.8 273.9 249.3 775.2 692.5 11.9%

Change 3.4% 19.6% 9.9% 11.9%

Major currencies

32

Approximate percentage of revenue

GBP vs. local currencyFY19 average vs. FY18 average

GBP vs. local currencyFY19 average vs. 31 March 2019

USD 45% (1.1)% 0.8%

Euro 15% 0.0% (2.4)%

GBP 9% 0.0% 0.0%

CAD 4% 1.2% (1.0)%

KRW 4% (0.7)% 1.4%

JPY 4% 1.0% 0.7%

CNY 4% 0.3% 0.7%

Emerging markets 15% 6% -

Pro forma adjusted EBIT to cash from operating activities


2019£m

2018£m

EBIT 184.5 154.0

Depreciation 5.4 5.5

Loss on disposal of fixed assets 0.1 1.8

Difference between pension contributions paid and amounts charged to operating profit

0.1 (2.8)

R&D tax credit (2.0) (2.1)

Amortisation not normalised 0.7 1.4

Capitalisation of R&D - (9.9)

Working capital movement (0.8) 3.7

Exceptional items paid (18.9) (33.4)

Other - 0.5

Net cash from operating activities before tax 169.1 118.7

Cash flow

34

Year ended 31 March 2019£m

2018£m

Cash generated from operating activities before tax 169.1 118.7

Income taxes paid (32.4) (33.6)

Net cash generated from operating activities 136.7 85.1

Purchase of property, plant and equipment (7.4) (6.8)

Purchase of intangible assets (0.2) (1.9)

Consideration paid on completion of business combination (19.4) -

Proceeds from disposal of PPE and intangible assets - 6.5

Maturity/(purchase) of treasury deposits (0.4) 45.3

Interest received 0.2 0.5

Net cash flows from investing activities (27.2) 43.6

Interest paid (0.7) (3.1)

Repayment/(proceeds) borrowings (10.0) 10.0

Change in funding with related parties - (18.1)

Purchase of own shares (9.3) (0.3)

Return of value to shareholders - (100.0)

Issue costs - (1.7)

Dividends paid to equity holders of the parent (66.0) (17.3)

Net cash flows used in financing activities (86.0) (130.5)

Net increase in cash and cash equivalents 23.5 (1.8)

Net foreign exchange difference (1.9) (0.5)

Opening net cash and cash equivalents 105.6 107.9

Closing net cash and cash equivalents 127.2 105.6


• Net cash and treasury deposits £127.8 million (FY 2018: £95.8 million net of £10 million debt)

Pro forma IFRS 15 reconciliation

35

Year ended 31 March 2018

£mIFRS 15 (i)

£m IFRS 15 (ii) £m IFRS 15 (iii) £mRestated

£m

Revenue 704.6 (10.4) (2.0) 0.3 692.5

Selling and administration expenses (262.3) 0.5 – – (261.8)

Income tax expense (40.7) 4.7 0.6 (0.1) (35.5)

(i) Rendering of services – transfer of controlUnder IAS 18, revenue from sales of initial licences, perpetual licences and the initial software delivery element of rental/term licences was recognised upon delivery. Delivery occurred when the customer had accessto the intellectual property described in the contract. In some limited circumstances, AVEVA recognised revenue from a rental/term licence agreement rateably over the contract period. This assessment was based onwhether AVEVA could reliably estimate the maintenance and support element of the contract.

Under IFRS 15, revenue is recognised when a customer obtains control of the services. All distinct performance obligations relating to licences for software are transferred to the customer at a ‘point in time’.Therefore, under IFRS 15, all revenue from software licences which are distinct performance obligations are recognised at a ‘point in time’ and not ‘over time’. This results in an acceleration of the recognition inrevenue for certain contracts and revenue streams.

(ii) Providing extended payment terms to customersPreviously, where AVEVA provided a customer with extended payment terms the revenue was deferred until the consideration was due in accordance with the contract. Under IFRS 15, all the contractual paymentsare included in the transaction price and allocated to the performance obligations at the start of the contract.

(iii) Stand-alone selling pricesRevenue from contracts with separately-identifiable components (multiple-element arrangements) were previously recognised based on the relative fair value of the components. Under IFRS 15, the totalconsideration of a customer arrangement is allocated based on their relative stand-alone selling prices. Stand-alone selling prices are determined based on list prices (with standard discounts where appropriate), theadjusted market assessment approach and the residual approach.


Definitions & terms

36

Recurring revenue: Rental & Subscription plus Support & Maintenance revenue.

Statutory results: Results stated under reverse acquisition accounting principles and therefore include the results for heritage SES only for the 6 months to 30 September 2018.

Pro forma results: Results for both heritage SES and heritage AVEVA for the six months to 30 September 2017 and exclude an adjustment to revenue of £6.5m for the six months to 30 September 2018 reflecting a reverse acquisition accounting adjustment to deferred revenue on the opening balance sheet.

Adjusted profit before tax, adjusted EBIT and adjusted earnings per share: Calculated before amortisation of intangible assets (excluding other software), share-based payments, gain/loss on fair value of forward foreign exchange contracts and exceptional items. Adjusted earnings per share also include the tax effects of these adjustments.

The Combination: The combination between AVEVA Group plc and the Schneider Electric industrial software business that completed on 1 March 2018.

Heritage AVEVA: AVEVA Group excluding the Schneider Electric industrial software business.

Heritage SES: The Schneider Electric industrial software business excluding Heritage AVEVA.

Support & Maintenance: Support and maintenance payments for software acquired through Initial Fees or Perpetual licences.

Rentals & Subscriptions: Software licenses with a fixed term or licenses that are paid for on a subscription basis.

Initial Fees & Perpetual: Software licenses with an upfront payment that can then be used if maintenance fees are paid, or licence with no end date for usage.

Digital Twin: A virtual replica of a physical asset, an evolving, digital model that updates and changes as its physical counterpart changes.

APM: Asset Performance Management. Software to maximise Return on asset investments

EPC: Engineering, Procurement, and Construction companies.

AVEVA E3D: The next generation 3D design platform from AVEVA.

AVEVA Engage: A 3D Decision Support solution for digital assets.

AVEVA Advance Analysics: Predictive asset analytics software.

Wonderware: A software brand that incorporates functions such as Human to Machine Interfaces and Supervisors, Control and Data Acquisition capabilities.


linkedin.com/company/aveva

@avevagroup

ABOUT AVEVA

AVEVA is a global leader in engineering and industrial software driving digital transformation across the entire asset and operational life cycle of capital-intensive industries.

The company’s engineering, planning and operations, asset performance, and monitoring and control solutions deliver proven results to over 16,000 customers across the globe. Its customers are supported by the largest industrial software ecosystem, including 4,200 partners and 5,700 certified developers. AVEVA is headquartered in Cambridge, UK, with over 4,400 employees at 80 locations in over 40 countries.

aveva.com


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AVEVA Group plc - Seeking Alpha