Siebe Plc, the UK-based diversified engineering giant, is to acquire software developer Simulation Sciences Inc for $147m, or $10 per share in cash. The net cost to Siebe will be $101m, when Brea, California-based SimSci’s $46m in cash is deducted. SimSci is a 30 year-old supplier of software to the process control industry with 380 staff, and reported revenues of $61m in 1997 and a loss of $8.7m, including acquisition related charges of $17.5m. Last year the company acquired the AIM process information management software applications from Houston, Texas- based W R Biles & Associates, and last month it also acquired the independent European reseller of AIM product, Biles & Associates NV of Belgium. Siebe says the company will help it grow its presence in the process optimization and simulation software market, and will fit well with its Foxboro Company automation systems software subsidiary in Foxboro, Massachusetts.
