Siemens Acquires CD-adapco For $970 Million in Software Push

Siemens AG will acquire CD-adapco for $970 million as Chief Executive Officer Joe Kaeser seeks to expand Europe’s largest engineering company’s offering in the industrial software market.

The deal to buy the Melville, New York-based company is a stock purchase agreement, Siemens said in a statement Monday. Last fiscal year, CD-adapco had revenue of close to $200 million after increasing it by more than 12 percent annually over the past three fiscal years on a constant currency basis.