The new business will seek to capitalize on the tech “mega-trend” towards high-level digitization in the drive for efficiency, flexibility, and sustainability.

The offer will be pitched to companies in the industrial space, manufacturing execution system (MES), data centers, governmental centers, along with its position in power and utilities, chemicals and petrochemicals, food and beverage, and life sciences.

The company’s PI System is often paired with Aveva’s industrial software in customer deployments. The companies have teamed up before to offer a system of record for capture, storage, analysis, and sharing of industrial sensor-based data. 

The pair said they will “service the largest digital transformation projects in history.” 

Softbank to cash out

The sale also indicates Japanese Softbank continues to cash out its tech stocks. They own 44.7% of OSIsoft and will receive $2 billion in cash from the deal. 

The tech sell-off is part of the Masayoshi Son, the founder’s plan to dispose of $42 billion of assets. Then to buy back shares and shore up its balance sheet, following some very unfortunate investments. He invested heavily in failing office space center WeWork.