Siemens acquires US AI analytics firm for $1.5bn

Siemens acquires US AI analytics firm for $1.5bn

Business news |
By Nick Flaherty

The consolidation of industrial AI analytics tool providers continues with Siemens snapping up Brightly Software in the US for $1.575bn.

Siemens Smart Infrastructure (SI) is to acquire Brightly for its cloud-based smart building and predictive maintenance management tools for education, public infrastructure, healthcare, and manufacturing.

The deal also accelerates Siemens’ move to software as a service (SaaS) business. Brightly is expected to benefit from Siemens’ global presence, while Siemens will use the footprint in the US.

Siemens last week acquired UK SaaS analytics firm Senseye, while Renesas Electronics acquired Reality Analytics.

“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. Today’s acquisition bolsters our growth targets, especially for digital revenue and software as a service,” said Roland Busch, President and CEO of Siemens AG.

“Brightly will enable us to leapfrog to the next level of performance for buildings. With seamless data exchange between our offerings, our customers can expect enhanced efficiency, lower downtimes and maintenance costs, shorter lifecycles, better data-driven decisions and more satisfied tenants,” said Matthias Rebellius, Member of the Managing Board of Siemens AG and CEO of Smart Infrastructure. “The acquisition will speed up our target of becoming a leading software company also in infrastructure and support our vision of creating fully autonomous buildings that continuously learn from and adapt to the needs of their tenants.”

For 2022, Brightly expects to achieve revenues of around $180m, highlighting that Siemens is paying a significant premium for the deal. It has around 800 employees serving around 12,000 customers, mainly across the U.S., Canada, the UK and Australia. The company has been owned by private equity firm Clearlake Capital since 2019. 

“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,” said Kevin Kemmerer, CEO at Brightly. “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.”

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