German industrial giant Siemens announced on Monday that it would acquire, for 700 million dollars (575 million euros), Supplyframe, an American platform specializing in connecting companies throughout the electronic supply chain. .
Read also: Siemens raises its annual forecast after a tripling of its net profit in the 2nd quarter
The deal, which is slated to be finalized in the fourth quarter of 2021, comes as the industry tries to cope with the global semiconductor shortage caused by increased demand for consumer electronics during the pandemic.
“Supplyframe's ecosystem and market intelligence perfectly complements our industrial software portfolio and strengthens our capabilities for the growing market of small and mid-sized customers
,
”
said Cedrik Neike, Siemens Board Member.
"This will help customers reduce costs, increase their agility and make very informed decisions
,
"
said the German group, which expects significant synergies from this purchase.
$ 70 million in revenue expected this year
Supplyframe, based in California, was founded in 2003. It forecasts sales of $ 70 million this year.
“Eighteen years ago, we embarked on a journey to intelligently connect the electronics value chain
,
”
Supplyframe CEO and Founder Steve Flagg said in the statement.
“This process has been further accelerated by the recent shortage of components, which has exposed the fragility of supply chains and created a mandate for digital transformation,”
he added.
