Siemens to buy French company for 550 million Euro

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Siemens to buy French company for 550 million Euro

The trains-to-industrial software maker will pay an initial 550 million Euro for Sqills, a software as a service provider whose cloud-based products include inventory management, reservation and ticketing software.

Sqills has forecast revenues of around 40 million Euro in 2022 and provides services to 33 operators, with customers including the state-owned SNCF company in France, channel tunnel operator Eurostar and Irish Rail.

The Netherlands-based company has developed a platform that enables rail and bus operators to replace their old reservation systems with an online booking system that increases the utilization and availability of passenger transportation, Siemens said.

The acquisition fits with Siemens' strategy to accelerate its revenue growth by providing more products and services that combine the digital and real world worlds.

At its investor day in June Siemens said it would like to enter additional markets that generate annual revenues of 120 billion euros via a combination of organic growth and acquisitions.

The acquisition of electronic component manufacturer Supplyframe in May 2007 is one example of the strategy unveiled by recently appointed Chief Executive Roland Busch.

The acquisition of Sqills is a perfect example of how Busch combined real and digital worlds to empower its customers in their transformation, said Siemens in a statement.

At the same time, Sqills supports our own growth path for digital services and is a great example of applying capital allocation criteria through targeted acquisitions.