Siemens, the German engineering and technology major, has agreed to buy rail software company Sqills, for 550 million euros or $651.09 million.
Sqills’s cloud-based products include inventory management, reservation and ticketing software.
Sqills has forecast revenues of around 40 million euros in 2022 and provides services to 33 operators, with customers including France’s state-owned railway company SNCF, channel tunnel operator Eurostar and Irish Rail.
The Netherlands-based company has developed a platform that enables rail and bus operators to replace their old reservation systems with an online booking system that increases the utilization and availability of passenger transportation, Siemens said.
The acquisition fits with Siemens’s strategy to accelerate its revenue growth by providing more products and services which combine the real and digital worlds.
Siemens at its investor day in June said it aims to enter markets that generate annual revenues of 120 billion euros through a combination of organic growth and acquisitions.
Siemens acquired electronic component seller Supplyframe in May for $700 million.
Revenue of Siemens rose 24 percent to 16.09 billion euros, while orders surged 47 percent to 20.49 billion euros.