Private investment firm Clearlake Capital has completed the sale of Brightly Software to the German multinational conglomerate Siemens AG, the firm has announced. The deal is worth a total of $1.87 billion—$1.5 billion of upfront cash consideration, along with $300 million in cash earn-out payments. Founded in 1999 as Dude Solutions, Brightly provides intelligent asset management solutions that enable organizations to transform the performance of their assets, as well as facilities operation management products. Siemens plans to utilize the latter to broaden its software capabilities; Siemens Smart Infrastructure is acquiring the software company to expand its SaaS offering.
Siemens Smart Infrastructure (SI) is the division of the corporation that offers digital systems to manage buildings' security and energy consumption. With the purchase of Brightly, the division hopes to accelerate its growth in the building technology industry—part of an aggressive acquisition strategy from its CEO Matthias Rebellius.
Clearlake acquired Brightly for roughly $500 million in 2019 and subsequently executed its O.P.S. framework for a strategic transformation to support growth and development. Rebellius believes that Brightly’s maintenance asset management software complements Siemens' existing offering in building management software.