Siemens Targets Double-Digit Annual Growth in Digital Businesses Through 2020
07 December 2016 - 8:20PM
Dow Jones News
By Christopher Alessi
MUNICH--Siemens AG (SIE.XE) said Wednesday it is targeting
double-digit annual growth at its digital businesses each year
through 2020, part of the German industrial conglomerate's effort
to build up its software capabilities.
The company said it aims to achieve double-digit growth at its
software, digital services and cloud platforms over the next three
years. Siemens' digital services business had revenue of more than
1 billion euros ($1.07 billion) in fiscal 2016 while its software
solutions unit had revenue of around EUR3.3 billion, together an
increase of about 12% year-on-year.
Speaking at an event on the company's digitalization strategy,
newly appointed Chief Technology Officer Roland Busch said Siemens
planned to increase investments in research and development by
around EUR300 million in fiscal year 2017, to around EUR5
billion.
Siemens also said it is expanding its cloud platform, known as
MindSphere, while working with U.S. technology company
International Business Machines Corp. to integrate a data analytics
program.
Write to Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
December 07, 2016 04:05 ET (09:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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