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Clearlake Capital Group, L.P. has agreed to sell Brightly Software, Inc. to Siemens AG (OTC: SEIGY) for $1.875 billion, with $1.575 billion upfront cash consideration and $300 million in cash earn-out payments.
Brightly is a software-as-a-service provider of cloud-based enterprise asset management and facility operations management and was acquired by Clearlake in June 2019.
Clearlake's three-year ownership of Brightly resulted in an approximately 100% increase in annual recurring revenue and a significant expansion in the EBITDA margins.
Siemens expects the acquisition to be EPS accretive pre-PPA in the second year after closing.
"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," said Matthias Rebellius, Member of the Managing Board of Siemens and CEO of Siemens Smart Infrastructure.
The transaction is expected to close in the second half of 2022.
Siemens held cash and equivalents of €9.495 billion as of March 31, 2022.
Price Action: SIEGY shares are trading higher by 0.20% at $54.93 on the last check Monday.
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