DAE buys Austrian air software firm
Dubai Aerospace Enterprise (DAE) said it bought Austria's Flugwerkzeuge Aviation Software (f:wz), a privately held company that develops and distributes flight-planning software for airlines, for $25 million.
"Airlines are suffering from record high fuel prices and are looking for better technologies that will ease the burden," Kamilia Sofia, acting chief executive of DAE unit DAE Services, said in a statement on Tuesday, adding that f:wz offered "solutions that deliver immediate and substantial savings".
State-owned Dubai Aerospace is building up a conglomerate operating airports and leasing and servicing planes from its base in the Arab emirate.
Raimund Zopp, chief executive of f:wz, said in the statement that being acquired by DAE would allow the software firm to accelerate its growth and give it a stronger global footprint. (Reuters)
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