By Olivia Bugault

Siemens AG said late Monday that it has signed a deal for the acquisition of U.S.-based electronics value chain provider Supplyframe for $700 million.

The German engineering conglomerate said that the acquisition would reinforce its Software as a Service portfolio.

"Supplyframe's SaaS offerings have been growing with approximately 40% per annum over the last years, a rate that is expected to continue mid-term," Siemens said. Supplyframe's expected revenue for its fiscal year 2021 is around $70 million, Siemens said.

The German company also said that it expects important synergies from the deal and that its earnings per share should increase pre-purchase price allocation in the second year after closing. The deal is expected to close in the fourth quarter of its fiscal year 2021.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

May 18, 2021 02:34 ET (06:34 GMT)

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