By Ed Frankl

 

Siemens AG said Monday that it has agreed to acquire U.S.-based software-as-a-service provider Brightly Software for $1.58 billion.

The German conglomerate said the deal will complement its digital offerings for buildings, and put it in a strong position to address the fast-growing software market for buildings and the built infrastructure.

Siemens added that it will leverage Brightly's footprint in the U.S. market with the acquisition, which will create synergies with an expected "mid-triple-digit million" net value.

The deal is subject to regulatory approvals with closing expected in the 2022 calendar year.

The transaction will be earnings-per-share accretive before purchase price allocation the second year after closing, Siemens added.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

June 27, 2022 12:29 ET (16:29 GMT)

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