Siemens has signed an agreement to purchase Mendix, a low-code software platform, for €600m ($695.7m) as part of its strategy to accelerate integration of Internet of Things (IoT) technology.
The acquisition follows Siemens' partner program for its IoT platform Mindsphere, which offers device and enterprise connectivity options and advanced analytics.
Siemens AG board member Klaus Helmrich said: "We will acquire Mendix to extend our leading position in digitalizing the industrial world, which is a cornerstone of our Vision 2020+ initiative.
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"Mendix is a leader in the rapidly expanding low-code segment and its platform will help our customers to adopt MindSphere even faster by accelerating cloud-based application development for the Industrial Internet of Things (IIoT)," he added.
Mendix, founded in 2005, has been named a leader in Mobile App Development in Gartner's Magic Quadrant for Enterprise High Productivity Application Platform as a Service report for both 2017 and 2018 editions.
Siemens said it expected to close the deal in the first quarter of its 2019 fiscal year and that it hoped to achieve synergies through combined revenue growth and net-value margin expansion.