Siemens AG’s Acquisition of Brightly Software

Sidley Austin provided legal counsel to Brightly and Clearlake, while Latham & Watkins represented Siemens AG on the deal.

Clearlake Capital Group, L.P. announced it has entered into a definitive agreement to sell Brightly Software, Inc. to Siemens AG (FRA:SIE) 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 leading 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 O.P.S.® strategy by partnering with management to support the Company through multiple organic and inorganic strategic initiatives.

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has over $72 billion of assets under management and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland.

Brightly, the global leader in intelligent asset management solutions, enables organizations to transform the performance of their assets. Brightly’s sophisticated cloud-based platform leverages more than 20 years of data to deliver predictive insights that help users through the key phases of the entire asset lifecycle.

Siemens is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers.

William Blair & Company LLC and SVB Securities LLC acted as financial advisors to Brightly.

The Sidley Austin team was led by Mehdi Khodadad (Picture) and Nikolai Schwarz-Gondek.

Latham & Watkins represented Siemens AG in the transaction with a cross-border corporate deal team led by New York partners James Gorton and Eyal Orgad, with New York associates Daniel Williams and Jordan Wampler, and Munich partner Rainer Traugott, with Munich associate Stephan Hufnagel. Advice was also provided on tax matters by New York partner Matthew Dewitz; on benefits and compensation matters by Los Angeles partner Larry Seymour, with Los Angeles associate Aaron Tso; on labor and employment matters by Chicago partner Nineveh Alkhas; on intellectual property matters by Orange County counsel David Kuiper, with Los Angeles associate Veronica Ye; on real estate matters by Chicago counsel Jeffrey Anderson; on environmental matters by Washington, D.C. partner James Barrett, with Washington, D.C. associate Phil Sandick; on CFIUS matters by Washington, D.C. partner Les Carnegie, with Washington D.C. associates Zachary Eddington and Ehson Kashfipour; on antitrust matters by Washington, D.C. partners Michael Egge and Jason Cruise, with Washington D.C. associate Doug Tifft; and on insurance matters by Los Angeles partner Drew Levin, with San Diego/Los Angeles associate Hannah Cary.

Involved fees earner: Nineveh Alkhas – Latham & Watkins; Jeffrey Anderson – Latham & Watkins; James Barrett – Latham & Watkins; Les Carnegie – Latham & Watkins; Hannah Cary – Latham & Watkins; Jason Cruise – Latham & Watkins; Matthew Dewitz – Latham & Watkins; Zachary Eddington – Latham & Watkins; Michael Egge – Latham & Watkins; James Gorton – Latham & Watkins; Stephan Hufnagel – Latham & Watkins; Ehson Kashfipour – Latham & Watkins; David Kuiper – Latham & Watkins; Drew Levin – Latham & Watkins; Eyal Orgad – Latham & Watkins; Phil Sandick – Latham & Watkins; Larry Seymour – Latham & Watkins; Doug Tifft – Latham & Watkins; Rainer Traugott – Latham & Watkins; Aaron Tso – Latham & Watkins; Jordan Wampler – Latham & Watkins; Daniel Williams – Latham & Watkins; Wenqian Ye – Latham & Watkins; Mehdi Khodadad – Sidley Austin LLP; Nicolai Schwarz-Gondek – Sidley Austin LLP;

Law Firms: Latham & Watkins; Sidley Austin LLP;

Clients: Clearlake Capital Group, L.P.; Siemens;

Martina Bellini

Author: Martina Bellini