Software purchase

German industrial giant Siemens is to acquire innotec of Schwelm, Germany, an international vendor of digital engineering software and services for the process industry.

The purchase price of innotec was not disclosed and the transaction is still subject to the agreement of the authorities.

This move builds on Siemens' successful acquisition of US-based UGS, an industrial software supplier primarily active in the discrete manufacturing industry.

As a result of the acquisition, innotec will become a subsidiary of Siemens and for organisational purposes it will be assigned to the company's Industrial Automation Systems Business Unit.

Founded in 1991, innotec employs 200 people.