Siemens Acquires Brightly Software to Accelerate Growth in Digital Building Operations
Siemens Smart Infrastructure (SI) has signed an agreement to acquire Brightly Software, a US-based software-as-a-service (SaaS) provider of asset and maintenance management solutions. The purchase price is $1.575 billion, plus an earn-out.
The acquisition will add Brightly’s cloud-based capabilities across key sectors – education, public infrastructure, healthcare, and manufacturing – to Siemens’ digital and software know-how in buildings. It also accelerates the build-up of Siemens’ SaaS business and enables Siemens and Brightly together to deliver superior performance and sustainability for built infrastructure.
Siemens says it will realise significant synergies between Brightly’s capabilities and its portfolio with an expected mid-triple-digit million net present value. The transaction is subject to regulatory approvals, with closing expected in the calendar year 2022. The acquisition will be EPS accretive pre-PPA in the second year after closing.
Infrastructure owners and operators are increasingly looking for software that supports more efficient and sustainable operations. Brightly’s well-established SaaS business and customer base, combined with Siemens’ existing building base and digital portfolio, will facilitate data integration through IT and OT convergence, supporting innovation, unique user experiences and optimized performance for buildings and built infrastructure.
It is estimated that 7 billion people will live in urban areas by 2050. This trend, coupled with the urgency of tackling climate change, highlights the need for smart and sustainable communities and infrastructure. Siemens strives to build smart communities, enabled by digitalization and intelligent systems.
For 2022, Brightly expects to achieve revenues of around $180 million. The annual recurring revenue (ARR) is $160 million, operating in a market that is growing at a CAGR of 13%.
Source: Environmental Leader