As a new guy growing up near brighton in the english south coastline when you look at the 1970s, craig hayman ended up being some of those children which purchased a sinclair computer after a mag ad grabbed his imagination.
Whenever mk14 an affordable computer kit aimed at early it enthusiasts came it couldn't work, pushing mr hayman to deliver it returning to producer. but the story had a pleased outcome: the machine was came back with a handwritten note from chris curry, among pioneers of britains computing business, who had fixed it for him at sinclairs cambridge base.
Above four years on mr hayman in addition has discovered himself familiar with the institution city as leader of industrial software group aveva, that will be based in west cambridge, having invested nearly all of his earlier in the day career in the usa working at ibm and ebay.
Recently their bold go on to acquire us rival osisoft will further fortify the standing of silicon fen the tech group around cambridge with the $5bn deal being the second-largest ever before hit by a uk-listed tech business.
The dimensions and possible complexity of integrating aveva with osisoft, which can be situated in the bay area bay region, has actually spooked some investors specially since aveva has had on financial obligation of more than $1bn the very first time with its history to get the bargain done. but speaking through the us in a video clip call into the financial days, mr hayman argued your purchase would elevate aveva method over the fray within the dog-eat-dog world of a consolidating market for commercial pc software.
Aveva, which traces its roots to your 1960s, has received a sluggish rise to the top. but flying beneath the radar belies the ftse 100 companys dimensions and success: the other day it overtook sage group, the software company, regarding market capitalisation when it struck 8.2bn.
It has been crowned the best-performing uk technology stock since the millennium by evaluation group techmarketview, which calculates that its share price is continuing to grow 42-fold since 2000, and 86 times if dividends and share buybacks are considered.
The combined aveva-osisoft has annual revenue of 1.2bn, with modified earnings before interest and taxation predicted to be about 330m.
Aveva isn't any home name but mr hayman argues that its technologies are pervasive. the group originally made its title making the program always design industrial facilities, oil rigs and vessels but has actually pressed into a wider array of industries in order to become more competitive within the last ten years.
Its application is used, for instance, to simply help figure out how coffees utilized by starbucks should always be roasted to ensure the correct taste, including by henkel, the owner of persil, to simply help produce its laundry detergent. aveva products assist operate high-speed train communities in asia as well as solar farms and wind generators worldwide.
However the purchase of osisoft adds a fresh element: data. aveva was in fact taking into consideration the company for years, in accordance with people who have direct knowledge of its method, but lacked the financial firepower in order to make a move and ended up being obligated to watch as japans softbank bought a minority risk when you look at the family-owned business in 2017.
Osisofts pi product collates day-to-day data from 2bn sensors in manufacturing facilities all over the world, creating a digital library of information. combining that picture with avevas 3d styles showing just how a facility ended up being built implies that organizations will be able to rapidly recognize and fix things particularly defective valves before they come to be bigger issues. mr hayman likened the method to being the industrial same in principle as reading an online restaurant review being capable click right through to a google street view picture to discover it.
An extra good thing about the deal usually avevas exposure to the volatile oil and gas sector will fall to about 35 percent, from historical quantities of 60 %, in line with the business.
Mr hayman joined aveva in 2018 following its 3bn merger with schneider electric, conformed the last 12 months. the french conglomerate has actually a majority risk inside merged business, but it is nevertheless run by themselves from the uk.
Mr hayman ended up being working at ptc, a boston-based industrial computer software business, as he ended up being approached about using the helm. the board wanted you to definitely are available in and never play favourites, he said.
Their final uk-based job had involved doing work in a cool war bunker in wales for bt in the 1980s, but mr hayman the daddy of two daughters and is married to a new yorker was happy to go back to have the chance to work in silicon fen.
Although he failed to straight become successful richard longdon, whom bowed on as chief executive soon after an early on round of merger speaks with schneider folded, he'd huge shoes to fill offered mr longdon had become one of britains better-known and much more forthright technology leaders after operating the team for 16 years.
One leading technology executive described mr hayman as an even more subdued personality. however the quietly talked brit has brought some us-style ambition back again to the uk.
If you just play defence you never win. you have to play offence along with to strike to win, he said, adopting exactly what he defines as an united states activities metaphor to explain his intend to change aveva into a global powerhouse in the backwater marketplace of commercial software.
Weren't preventing right here, he included.