Schneider Electric has closed on its acquisition of British industrial software company AVEVA.

Schneider already owned a majority stake in AVEVA, following a ‘reverse takeover’ in 2017. AVEVA will now be wholly owned by Schneider Electric, but intentions have been laid out for the company to retain business autonomy and future R&D investment.

According to AVEVA, the company currently supports 20,000 customers worldwide, providing digital twins for the whole asset lifecycle from engineering to operations across a number of industries.

Following the acquisition, AVEVA will turn its strategic focus on becoming a leading software-as-a-service provider as the company switches to a subscription-only business model.

Peter Herweck, CEO of AVEVA, said:,“The needs of the industrial world are becoming ever more complex.  But the opportunities to create competitive advantage, value and sustainability through digital transformation have never been more compelling.

“AVEVA is now optimally placed, with the collaboration not just of Schneider Electric but all its partners, to drive innovation, change and value for its customers.  The last 50 years for AVEVA have been incredibly exciting. Thank you to all of the stakeholders who have been part of the journey so far in creating a global leader in industrial software and data. I’m convinced that through continued investment and transformation, the best is yet to come.”