Siemens, Bentley Systems expand strategic alliance
Aug. 27, 2018
The strategic alliance, which began in 2016, will be extended by an additional €50 million, totaling €100 million
Bentley Systems and Siemens decided to strengthen their strategic alliance during the companies’ latest alliance board meeting. The two have decided to extend their existing agreement, to further develop their joint business cooperation and commercial initiatives.The joint innovation investment program will be increased from the initial €50 million funding to €100 million. The Siemens stake in Bentley Systems now exceeds 9 percent.
"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.”
"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 Bentley Systems CEO Greg Bentley. "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."
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