TELETRADER News
6/27, 6:49 PM (Source: TeleTrader)
more TeleTrader news

Siemens-3.03%

108.64
Chart for: SIEMENS AG  NA O.N.

Siemens to acquire Brightly Software in $1.58B deal

Siemens AG announced on Monday that it will acquire the United States-based Brightly Software, the global leader in intelligent asset management solutions, for $1.58 billion, plus the earn-out.

The merging is aimed at speeding up Siemens' "growth in digital building operations," the company shared. "Siemens will realize significant synergies between Brightly’s capabilities and its own portfolio with an expected mid-triple-digit million net present value," it was stated in the press release.

The closing of the deal is expected in 2022 as "the transaction is subject to regulatory approvals," the company said. Siemens CEO Roland Busch noted that "today’s acquisition bolsters our growth targets, especially for digital revenue and software as a service."

Baha Breaking News (BBN) / AY