LONDON: British industrial software group Aveva on Tuesday announced it had agreed to buy US rival OSIsoft for $5 billion, as the coronavirus pandemic pushes clients to expand their online cloud services. In a statement, Aveva pointed to strong growth this year at OSIsoft, "as the imperative for digital transformation has continued through the Covid-19 crisis".

As the virus causes office staff to work from home and carry out meetings online, companies are seeking expanded cloud systems for securely housing and accessing their data. Aveva on Tuesday said it was "capitalising on the technological megatrends that are driving digital transformation of the industrial world.

Part of French group Schneider Electric, Aveva said the purchase would allow the British company "to accelerate the market adoption and expansion of OSIsoft Cloud Services and other cloud-based offerings".