ABB to buy US software firm Ventyx

The deal, which is ABB’s first billion-dollar buy in over 10 years, will also strengthen its presence in North America.

ABB, which had a cash-pile of $7.1 billion at the end of the first quarter, has been looking for acquisition opportunities over the past few years and has taken a more conservative approach to buys, going for smaller deals.

“The advantage for our shareholders is a cash-generating acquisition in an exciting growth market, with a strong management team, a highly complementary offering and geographic scope, and an attractive return on capital employed,” ABB Chief Executive Joe Hogan said in a statement.

Ventyx provides software to utilities and grid operators and employs 900 people.