Bentley Systems and Siemens will further strengthen their strategic alliance through a joint innovation investment that will increase funding from an initial €50 million to €100 million, Siemens announced on Monday.
According to the joint announcement, the two companies agreed to extend their existing agreement to further develop joint business cooperation and commercial initiatives.
Klaus Helmrich, board member of Siemens AG, said they are investing in engineering and project management tools with Siemens' enterprise-wide collaboration platform Teamcenter to create full digital twin technology for the engineering and construction industry.
Greg Bentley, Bentley Systems CEO said that through joint investment activities with Siemens to date, Bentley progressed lucrative opportunities with virtually every Siemens business to 'go digital' in infrastructure and industrial advancement.
"We have also welcomed Siemens' recurring purchases of non-voting Bentley Systems stock on the NASDAQ Private Market, which we facilitate in order to enhance liquidity, primarily for our retiring colleagues," he added.
By Gulsen Cagatay