Technology conglomerate Siemens is strengthening its electronic supply chain, announcing May 17 that the Germany-based company is acquiring design-to-source provider Supplyframe for $700 million.
Supplyframe says its artificial intelligence-based technology solutions connect the entire electronics value chain from concept to application. The Pasadena, California-based company was founded in 2003 and has offices in the U.S., China, France, Serbia, and the U.K.
The deal is scheduled to close during the fourth quarter of this year.
Siemens said the transaction complements its industrial software portfolio and boosts its capabilities for small- and mid-size customers in electronic design automation and printed circuit boards.
According to Siemens, Supplyframe’s client ecosystem includes more than 10 million professionals in engineering and supply chains around the world. The company is expected to act as “the nucleus of Siemens’ digital marketplace strategy.”
Supplyframe is expected to generate 2021 full-year revenue of about $70 million. Siemens had 2020 full-year revenue of nearly $70 billion.