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Clearlake Capital Closes USD 1.575bn Sale of Brightly Software.

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Vincent

MANews-(C)2009-2022

US-based investment firm Clearlake Capital Group, L.P. has completed the sale of Brightly Software, Inc. to Siemens AG (FRA: SIE) for USD 1.575bn of upfront cash consideration, along with USD 300m in cash earn-out payments, for a total of USD 1.875bn, the firm said.

Brightly is a software-as-a-service provider of cloud-based enterprise asset management and facility operations management. Clearlake acquired Brightly, formerly known as "Dude Solutions," in June 2019.

Brightly executed on an investment thesis focused on scaling the business into a provider of enterprise asset management SaaS solutions across a diverse set of applications, end-markets, and geographies.

In partnership with management, Clearlake implemented its O.P.S. strategy to support the company across several organic and inorganic growth initiatives.

Organic growth initiatives were centered on reshaping the operating expense structure of the business to enable profitable growth, while improving the quality of the company's revenue streams.

These efforts were supplemented by executing on four strategic acquisitions, including Assetic, Confirm, Energy Profiles, and Facility Health.

The combination of these initiatives under Clearlake's ownership resulted in a material increase in annual recurring revenue...

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