On June 27, 2022, Siemens AG agreed to buy Brightly Software, a U.S. provider of cloud-based asset and maintenance management software, for $1.875 billion in cash. The seller was private equity firm Clearlake Capital Group. The deal closed on August 1, 2022, after regulatory approvals were received. Brightly was integrated into Siemens Smart Infrastructure as a standalone unit.
The purchase price was a single, all-cash transaction. Siemens did not disclose the revenue or EBITDA multiple it paid. Brightly, headquartered in Cary, North Carolina, served approximately 12,000 customers at the time of announcement. Its software was used by facility managers, school districts, and local governments to schedule maintenance, track work orders, and manage assets across multiple sites.
This was not a small tuck-in. At $1.875 billion, it was one of the larger software purchases Siemens had made in its digital building portfolio. The deal reflected a strategy of shifting the building technology business toward recurring software revenue rather than one-time hardware sales.
The Seller and Brightly's Ownership History
Clearlake Capital Group acquired Brightly in 2019 and owned it for about three years before selling to Siemens.
Under Clearlake's ownership, Brightly grew its customer base and expanded its product suite. The private equity firm did not disclose its return, but the $1.875 billion exit price was a multiple of what it paid.
Brightly had been an independent company before Clearlake's involvement. It was not a carve-out from a larger corporation. Its software was purpose-built for asset management, not a module bolted onto a larger ERP system. That focus made it attractive to Siemens, which wanted a cloud-native platform it could offer alongside its own building management hardware.
Clearlake was willing to sell after a relatively short hold period. The price Siemens offered was high enough that the private equity firm chose to exit rather than hold for further growth.
How Brightly Fits Into Siemens Smart Infrastructure
The division Brightly joined
Siemens Smart Infrastructure is the division that sells building automation systems, fire safety equipment, security products, and energy management tools. Historically, that division generated most of its revenue from hardware and installation services. Brightly gave Siemens a cloud-based software layer that sat on top of those physical systems.
Why the combination makes sense
The logic was straightforward. A facility manager using Siemens building controls could now use Brightly's software to schedule preventive maintenance, manage work orders, and track asset lifecycles. The combination allowed Siemens to offer a single dashboard for both operational control and maintenance planning. That was something its competitors could not easily replicate.
Standalone by design
Siemens said Brightly would remain a standalone business unit within Smart Infrastructure. That meant Brightly kept its brand, its leadership team, and its existing customer relationships. Siemens did not plan to force Brightly's customers onto its own platforms or require them to use Siemens hardware.
Brightly's Core Business and Scale
What the software does
Brightly provided cloud-based software for asset management and maintenance operations. Its products included modules for work order management, preventive maintenance scheduling, inventory tracking, and mobile field service. The software was sold on a subscription basis, which gave Brightly predictable recurring revenue.
Who uses it
At the time of the acquisition announcement, Brightly served about 12,000 customers. Those customers were concentrated in the public sector and education markets. School districts, municipal governments, and universities used Brightly to manage their physical assets. The company also had a presence in commercial real estate and healthcare.
A note on the numbers
The customer count was self-reported by Brightly. Siemens did not independently verify it. The number included both paying subscribers and users on free or trial tiers. Siemens did not disclose Brightly's revenue or profit figures, so it is not possible to calculate the revenue per customer.
Financial Terms and Deal Structure
The purchase price was $1.875 billion in cash. Siemens funded the acquisition from its existing cash reserves. The company did not issue new debt or equity to pay for Brightly. The deal was structured as a straightforward asset or stock purchase, though Siemens did not specify which.
Siemens did not disclose any earn-out provisions or performance-based payments. The $1.875 billion was the total consideration, not the enterprise value. It was not adjusted for cash or debt on Brightly's balance sheet, because Siemens did not release those figures.
The price was high relative to what Siemens typically paid for software companies. Siemens had historically preferred smaller acquisitions in the hundreds of millions, not billions. The Brightly deal signaled that Siemens was willing to write a larger check to build its software business in the built environment.
Timeline and Regulatory Approvals
Siemens announced the deal on June 27, 2022, and said it expected to close before the end of the 2022 calendar year. The actual closing occurred on August 1, 2022, which was faster than the company's initial guidance.
The deal required regulatory approvals, which Siemens obtained without any reported conditions or concessions. Siemens did not name the specific regulatory bodies that reviewed the transaction. The company was subject to merger control reviews in multiple jurisdictions because it operates in many countries. The fact that the deal closed in just over a month suggests that no regulator raised significant concerns about market concentration.
The quick closing was a positive signal for Siemens. It meant the company could begin integrating Brightly into Smart Infrastructure sooner than planned. It also reduced the risk of the deal being blocked or delayed by regulatory action.
Post-Acquisition Integration and Structure
How Brightly was set up inside Siemens
After the deal closed, Brightly operated as a standalone business unit within Siemens Smart Infrastructure. That structure was unusual for Siemens, which typically integrates acquisitions into its existing divisions. The standalone approach was designed to preserve Brightly's culture and product development speed.
Leadership and location
Brightly's management team remained in place. Siemens did not announce any leadership changes or restructuring plans at the time of closing. The company's headquarters in Cary, North Carolina, was retained as a center of operations.
What was left unsaid
Siemens did not disclose whether Brightly's employees received Siemens stock or retention bonuses. The company also did not say how many Brightly employees joined Siemens. Those details were not part of the public announcement.
The outcome of the deal was clear: Siemens acquired Brightly, the deal closed, and Brightly became part of Siemens Smart Infrastructure. As of August 2022, the integration was underway and no further changes had been announced.
Key Facts
- Announcement date: June 27, 2022
- Closing date: August 1, 2022
- Purchase price: $1.875 billion in cash
- Seller: Clearlake Capital Group
- Target headquarters: Cary, North Carolina, USA
- Target customer count: Approximately 12,000
- Integration division: Siemens Smart Infrastructure (standalone unit)
Deal Overview
| Item | Detail |
|---|---|
| Buyer | Siemens AG |
| Target | Brightly Software |
| Seller | Clearlake Capital Group |
| Price | $1.875 billion, all cash |
| Announced | June 27, 2022 |
| Closed | August 1, 2022 |
| Business | Cloud-based asset and maintenance management software |
| Post-acquisition structure | Standalone unit within Siemens Smart Infrastructure |
Frequently Asked Questions
How much did Siemens pay for Brightly?
Siemens paid $1.875 billion in cash.
Who owned Brightly before Siemens?
Brightly was owned by private equity firm Clearlake Capital Group.
When did the deal close?
The deal closed on August 1, 2022.
What does Brightly's software do?
Brightly provided cloud-based software for asset management, maintenance scheduling, and work order tracking.
How many customers did Brightly have?
Brightly served approximately 12,000 customers at the time of announcement.
Will Brightly remain a separate company within Siemens?
Yes, Brightly operated as a standalone business unit within Siemens Smart Infrastructure after the acquisition.
