AVV.L Share News (AVV)

(Sharecast News) - Engineering and industrial software provider AVEVA Group has agreed to acquire the software assets of MaxGrip, it announced on Friday, subject to approval from MaxGrip's shareholders.The FTSE 250 company said MaxGrip - an AVEVA partner since 2017 - optimised asset performance with reliability-centred maintenance solutions.AVEVA said its asset performance management offering was "strongly" differentiated."It addresses the broadest dimensions of asset performance management using design and engineering information, real-time and historical operational data, and maintenance execution workflows, together with model-based machine learning for predictive asset analytics," the board said in its statement.The firm said MaxGrip would augment its asset performance management offering by providing a templated approach to asset strategy optimisation and RCM software for risk-based maintenance."Additionally, MaxGrip's rich library of asset fault codes and remediations will enhance the power of AVEVA's predictive asset analytics capabilities and accelerate the deployment of artificial intelligence for prescriptive maintenance."As part of the acquisition, approximately 30 MaxGrip employees will join AVEVA's asset performance management team."Financial details of the transaction were not disclosed.