Clearlake Capital Group is to sell Brightly Software to Siemens AG (Siemens) for $1.575 billion of upfront cash consideration, along with $300 million in cash earn-out payments, for a total of $1.875 billion.
The transaction is expected to close in the second half of 2022 and is subject to customary closing conditions and regulatory approvals.
Brightly is a software-as-a-service (SaaS) provider of cloud-based enterprise asset management and facility operations management. Clearlake acquired Brightly, formerly known as “Dude Solutions,” in June 2019 and subsequently executed on its OPS strategy by partnering with management to support the Company through multiple organic and inorganic strategic initiatives.
Read more: Private Equity Wire
