The U.S.-listed shares of Siemens AG SIEGY, +0.65% SIE, +0.64% rose 0.7% in midday trading Monday, after Clearlate Capital Group L.P. announced an agreement to sell North Carolina-based Brightly Software Inc. to the Germany-based diversified technology company for $1.88 billion. The terms of the deal, which is expected to close in the second half of 2022, includes $1.58 billion in cash upfront and $300 million in cash earn-out payments. Brightly is a provider of asset management software that Clearlake acquired in June 2019. “Brightly will enable us to leapfrog to the next level of performance for buildings,” said Matthias Rebellius, chief executive of Siemens Smart Infrastructure. “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.” Siemens’ U.S.-listed stock has slumped 36.3% year to date, while the S&P 500 SPX, +0.04% has lost 18.0%.
