SMAWF - Siemens to buy Brightly Software for $1.875B

International tech conglomerate Siemens (OTCPK:SIEGY) has a definitive deal to buy Brightly Software from Clearlake Capital for a total of $1.875B. The deal comes for $1.575B in upfront cash and $300M in cash earn-out payments. It's expected to close in the second half of the year. Under Clearlake ownership, Brightly - formerly known as Dude Solutions - has emerged as a leader in cloud-based enterprise asset management and facility operations management. Clearlake had taken control in June 2019; in the time since, annual recurring revenue has doubled and EBITDA margins have expanded significantly. "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," says Siemens' Matthias Rebellius.

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Siemens to buy Brightly Software for $1.875B