Siemens and Bentley upgrade their strategic alliance after Alliance Board meeting

The Germany-based automation company, Siemens, and the software company, Bentley Systems, has upgraded their strategic alliance following the companies’ most recent Alliance Board meeting.

The two companies have agreed to extend their current agreement in a bid to continue to develop their joint business cooperation and commercial initiatives with funding set to be increased to €100mn from an initial €50mn in the joint innovation investment programme.

“I’m very pleased with how strong our alliance started,” said Klaus Helmrich, member of the Managing Board of Siemens AG.

“Now we are investing in the next collaboration level with Bentley, where for instance we will strengthen their engineering and project management tools with Siemens enterprise wide collaboration platform Teamcenter to create a full Digital Twin for the engineering and construction world.”

Following the ongoing investment of Siemens into secondary shares of Bentley’s common stock, it is thought that the German firm now holds a 9% stake in Bentley Systems.

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“In our joint investment activities with Siemens to date, we have progressed worthwhile opportunities together with virtually every Siemens business for ‘going digital’ in infrastructure and industrial advancement,” said Greg Bentley, Bentley Systems CEO.

“As our new jointly offered products and cloud services now come to market, we are enthusiastically prioritizing further digital co-ventures.”

“We have also welcomed Siemens’ recurring purchases of non-voting Bentley Systems stock on the NASDAQ Private Market, which we facilitate in order to enhance liquidity, primarily for our retiring colleagues.”

In 2017, it was revealed that Siemens generated a total revenue of €83bn with a net income of €6.2bn.

The global company is anticipated to have approximately 377,000 employees worldwide.