ABB Buys Smart-Grid Software Maker

ABB, the Swiss-Swedish engineering company, agreed to buy software maker Ventyx for more than $1 billion from private-equity group Vista Energy Partners.
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ZURICH (

TheStreet

) --

ABB

(ABB) - Get Report

, the Swiss-Swedish engineering company, agreed to buy software maker

Ventyx

for more than $1 billion from private-equity group Vista Energy Partners.

Ventyx provides software to global energy, utility, communications, and other asset-intensive businesses. It also provides software for planning and forecasting electricity needs, the companies said Wednesday in a joint statement.

The acquisition triples the energy management software market available to ABB, the company said.

"The big advantage for energy companies, utilities and industrial customers is that they will now have a single supplier of enterprise-wide information technology platforms and power automation systems," said Joe Hogan, ABB's CEO, in a statement.

Ventyx, based in Atlanta, operates more than 40 countries. It employs 900 people and had 2009 revenue of $250 million.

The

Wall Street Journal

notes that companies such as

Cisco

(CSCO) - Get Report

,

General Electric

(GE) - Get Report

and

IBM

(IBM) - Get Report

have been active in the market for smart-grid software.

-- Reported by Joseph Woelfel in New York.

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