The U.K.-based engineering and industrial software developer AVEVA Group plc has acquired OSIsoft, a California-based industrial data software and services company for $5 billion. AVEVA said the merger will combine complementary product offerings, bringing together industrial software and data management to help customers accelerate their digital transformational strategies.

Integrating OSIsoft’s PI System into AVEVA’s comprehensive software portfolio will create an integrated data foundation that can drive big data, Cloud and AI-driven insights to create meaningful business outcomes, explained AVEVA CEO Craig Hayman. “This will not only help us serve existing customers better, but also open the flood gates to new opportunities, which will accelerate the delivery of our digitization vision,” Hayman said.

The PI System enables customers to collect, normalize, store and stream real-time, high-fidelity operational data to applications, analytics, and AI and ML platforms, he added. Together, AVEVA and OSIsoft can provide full-stack solutions that span edge, plant, and enterprise deployment models.

During March 2018, Schneider Electric, another industrial software business, merged with AVEVA and began trading as AVEVA Group plc.