Siemens Smart Infrastructure has signed an agreement to acquire Brightly Software, a U.S.-based software-as-a-service (SaaS) provider of asset and maintenance management solutions for buildings and built infrastructure based in Cary, NC. The purchase price is approximately $1.6 billion, plus an earn-out.
The acquisition will add Brightly’s cloud-based capabilities across the education, public infrastructure, healthcare and manufacturing sectors to Siemens’ digital and software portfolio of products for buildings. The deal is intended to accelerate the build-up of Siemens’ SaaS business and enable Siemens and Brightly together to deliver performance and sustainability for built infrastructure. Brightly is expected to benefit from Siemens’ global presence, while Siemens leverages the software provider’s footprint in the U.S. market. Siemens will realize significant synergies between Brightly’s capabilities and its own portfolio with an expected mid-triple-digit million net present value. The transaction is subject to regulatory approvals, with closing expected in calendar year 2022.
“This is another important step in our strategy as a focused technology company,” said Roland Busch, president and CEO of Siemens AG in the press release. “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.”
“With digital transformation and sustainability high on agendas, coupled with a challenging regulatory environment, the need for connected assets and real-time asset data is driving greater demand for intelligent asset management solutions across the globe,” added Kevin Kemmerer, Brightly’s CEO in the press release. “We see an incredible opportunity to combine our knowledge and software with Siemens to accelerate the digitization and optimization of the built environment. Helping customers assess and manage their collective assets, build short- and long-term capital plans and manage energy and ESG goals. Together, we have the experience to help clients across the world transform the performance of their assets and create safe, sustainable and thriving communities.”
For 2022, Brightly expects to achieve revenues of approximately $180 million. It has approximately 800 employees serving around 12,000 customers, mainly across the U.S., Canada, U.K. and Australia. The company has been owned by private equity firm Clearlake Capital since 2019.