IT company Aveva has acquired Derry-based software firm 8over8 for £26.9 million (€34.4 million).

With offices in Europe, North America, Australia and the Middle East, 8over8 provides contract risk management software to the oil and gas, and mining industries.

Aveva chief executive Richard Longdon said the acquisition provides the software platform for Aveva to address the current global need for increased project control, capital discipline, minimising project overruns, and delivering improved efficiency in operations.

“By acquiring 8over8, Aveva is uniquely placed to ensure both technical and contractual integrity changes are captured during the project life cycle,” he said.

Clare Colhoun, chief executive of 8over8, said delays and cost overruns are costing billions of dollars when the need for capital discipline has never been greater.

She said joining Aveva gives 8over8 the chance to take ProCon to an even wider global market.