FOG Software Group’s STEM portfolio further expands its growing suite of engineering software solutions through its acquisition of Ricardo Software
August 1, 2022 – Shoreham, UK – FOG Software Group (“FOG”), an operating group of Vela Software is pleased to announce the acquisition of Ricardo Software from Ricardo plc.
Ricardo Software is a trusted technology partner to the world’s leading transport OEMs and Tier 1 suppliers, providing a full suite of automotive simulation tools for propulsion and transmission design. With class leading products such as VECTIS, WAVE and WAVE-RT as well as emerging tools such as IGNITE, focused on the design and modelling of complex systems such as battery electric and alternative fuel vehicles, Ricardo Software is poised to support customers today and through the transition from internal combustion to carbon neutral transportation.
Tom Chan, CEO of the FOG STEM Portfolio, voiced enthusiasm for the acquisition, stating “Ricardo Software has an outstanding legacy of providing leading-edge solutions to the transportation industry. Together with our experience growing and building software companies we see a bright future for the Ricardo Software team as we help manufacturers transition to greener technologies. Additionally, this partnership, which comes with a proven management team, gives us a solid platform in CAE from which we can expand to increasingly meet our customers’ needs.”
Chris Hopper, CEO of Ricardo Software, adds “This is an exciting development for both Ricardo Software and its customers. The acquisition by FOG (Vela) provides us a strong corporate platform and access to resources and expertise which will allow us to improve our product portfolio and extend our market reach, while at the same time continuing to provide first-class service to our customers.”
About FOG Software Group
FOG Software Group (www.fogsoftwaregroup.com) is an operating group of Vela Software (www.velasoftwaregroup.com) headquartered in Toronto, Canada. The operating group acquires, manages, and builds software companies in a variety of vertical markets. By helping their acquired companies improve operations, grow through organic initiatives, and seek additional acquisitions that can strengthen their market position, their portfolio companies become clear leaders in their industries.
About Ricardo plc
Ricardo plc is a world-class environmental, engineering, and strategic consulting company listed on the London Stock Exchange. With over 100 years of engineering excellence, we provide exceptional levels of expertise in delivering leading-edge and innovative cross-sector sustainable products and solutions, helping our global customers increase efficiencies, achieve growth and create a clear and safer future. Our mission is clear –- to create a world fit for the future. For more information, visit www.ricardo.com