UK-based technology company Invensys Plc (LON:ISYS) intends to spend a total of GBP600m (USD913m/EUR710m) on acquisitions in the next three to four years, focusing on targets in the software sector, CEO Wayne Edmunds told Bloomberg today in a telephone interview.
The cash that the company will use is part of the proceeds from the recent GBP1.74bn sale of its rail unit Invensys Rail Ltd to German engineering group Siemens AG (ETR:SIE). Invensys will seek to buy three to four companies a year, paying between GBP30m and GBP50m per each, Edmunds said.
He did not specify any targets but noted that often the way to step into the Indian or Chinese market is through an acquisition or a partnership with a local player.
Edmunds also stated that his company could offload other units. He refused to comment on whether Invensys had held additional discussions with Emerson Electric Co (NYSE:EMR) after the US industrial group’s initial interest in its rail division.