It has since blazed a trail in factory IT, and a more recent takeover of French manufacturer Schneider Electric’s software arm sent it storming up the FTSE-100.
Today it has reversed the trend of British tech being bought by Americans, spending $5 billion on a California software firm.
So, three cheers to the City for backing UK technology firms, but on this stormy, grey day, a swallow does not a summer make.
While it’s true Aveva’s takeover of OSIsoft is being funded by a $3.5 billion rights issue in the Square Mile, most of it will be ponied up by its majority shareholder, Schneider of France.
Meanwhile, there are few signs of other big UK-owned tech players looming on the horizon.
As we speak, OSISoft backer SoftBank is flogging Arm, our chip-designing jewel in the crown, to Nvidia of the US.
London has cemented its position as the world leading centre for AI, but most of our efforts are still US-owned.
For now, Aveva, 60% French, is the closest thing we’ve got to a UK-funded tech giant.
