|   Business


  |   Business


Siemens acquires Brightly American software company for $1.58B

Photo by: Siemens Press Release

Siemens AG, a German multinational corporation and the largest industrial manufacturing company in Europe headquartered in Munich, announced on Monday, June 27, that it had bought Brightly, an American software company.

Siemens AG signed an acquisition deal with Brightly Software's owner, Clearlake Capital private equity firm, for $1.58 billion. According to Reuters, the purchase is the engineering company's latest move to expand its software credentials and progress faster than its rivals.

To be more precise, it is Siemens Smart Infrastructure that has bought Brightly Software. This is a division of Siemens that offers digital system services and tools to manage any building's security and energy consumption. With the acquisition, the company will be able to broaden its offering in the line of "software as a service" or SAAS.

This SAAS will further bolster Siemens' access to small and medium-sized businesses. The company will be able to offer its services to business owners by providing them with a software subscription instead of offering them for purchase.

Brightly Software is headquartered in North Carolina, and it is known for its cloud-based software products that gather data from sensors fitted in buildings and determine when maintenance is already needed before a problem arises.

Clearlake PEF company purchased Brightly in 2019 for about $500 million. The company has been providing its tools and software products to factories, hospitals, schools, and hospitals.

"This is another important step in our strategy as a focused technology company. By combining the real and digital worlds, we provide our customers with the technology required to drive their digital transformation to create the most sustainable and human-centric buildings," Siemens AG's president and chief executive officer, Roland Busch, said in a press release.

He added, "Today's acquisition bolsters our growth targets, especially for digital revenue and software as a service and we are proud and excited to warmly welcome Brightly to the Siemens family."

The deal between Siemens AG and Brightly Software is expected to close some time this year and is still pending regulatory approval. The German engineering company is anticipating bigger profits once its operations with Brightly commence.

  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.