A strategic alliance between technology firm Siemens and infrastructure software company Bentley Systems has been formalised, which the companies said would accelerate digitalisation to advance infrastructure project delivery and asset performance in complementary business areas.

Siemens and Bentley Systems said they would initially invest at least €50 million in developing joint solutions to enlarge their offerings for infrastructure and industry.

They said this work would include new cloud services for a connected data environment to converge the digital engineering models from both companies.

In addition, approximately €70 million of secondary shares of Bentley’s common stock have been acquired by Siemens, under a company programme that will continue until such time as Bentley Systems’ stock is publicly traded.

Siemens and Bentley Systems said they had identified opportunities to work together in energy management, power generation, building technology and mobility.

Siemens and Bentley Systems said they would each provide software from the other to deliver complete solutions from either company.

Klaus Helmrich, member of the managing board of Siemens, said, “This move further extends our industry software ecosystem from 2D to 3D software solutions, taking the simulation portfolio in our digital enterprise offering to a new dimension.”

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