Dear Valued OSIsoft Customers and Partners:
I have been looking forward to sharing what is happening at OSIsoft but I have been unable until today. We have entered into an agreement to be acquired by AVEVA. I know that I have assured everyone for decades that I wanted to stay independent and I managed to do that decades longer than anyone thought.
However, time keeps moving on, so a year ago I started looking for a permanent home for what we have built – and I use “we” intentionally because you, our customers and partners, have made our success possible.
When I say “permanent,” I mean just that: I specifically did not consider short-term options like VC or PE firms. Many of you do not know AVEVA but they are an industrial software company and have been for years. They have a majority owner that is very large and stable. I believe this foundation will give us the runway to start planning the next 40 years. I believe in the combination. As a result I have agreed to become, once the acquisition is completed, the largest individual shareholder in AVEVA and Chairman Emeritus. I plan to actively ensure continuity of systems, people, services and development.
During months of negotiation, I have told every suitor that my priorities were our customers and our employees, and only after those came price. Frankly, it took them a while to believe me, but in the end I believe that I have found the ideal place to let PI develop and support you and us for the next 40 years. I also believe that the combined company will provide long-term stability that you have come to count on from OSIsoft.
Why do I believe AVEVA is the best place for a permanent home for OSIsoft? It was a great opportunity to join forces with a company that shared our vision and values. The combination will accelerate the digital transformation for the essential industries we both serve. AVEVA works in a different but adjacent space and supplies software for better operation. The PI System has run side by side with their applications for years.
At the core is the need for you, our customers and partners, to keep extracting value from both the data from controls systems and the slew of new sensors and devices that are usually referred to as IIoT (e.g. cameras, vibration analysis, synchronous phasors and as yet undiscovered tools to bring insight for operations). The goal is to help people make informed, data-driven decisions, streamline critical processes, and increase sustainability and resilience across their businesses, especially the industrial world.
AVEVA is a stable, high-growth company. The combination leaves us stronger than ever and I am pleased to invest in it. We will also continue to invest in you and the products that serve you best.
While we are excited about this next phase in our growth, until the transaction closes— which is expected in late 2020 or early 2021, subject to customary regulatory approvals— it will be business as usual at OSIsoft. We will remain focused on providing you with superior service, while we continue to innovate on our platform. We appreciate your support as we embark on the next phase of our journey as part of the combined company.
Thank you for your partnership.