By Sarah Sloat

Siemens AG said Thursday that its Siemens Mobility unit plans to acquire software company Sqills for 550 million euros ($651.1 million), plus a performance-based factor.

Sqills, based in the Netherlands, is active in cloud-based inventory management, reservation and ticketing software for public-transport operators.

The technology adds to Siemens Mobility's software portfolio and will strengthen its ability to provide products and services that help increase overall use of public transportation, the company said.

Siemens expects the acquisition to be accretive to earnings per share in the second year after closing, and it expects the deal to close in the first quarter of fiscal 2022, which begins Oct. 1.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

August 05, 2021 01:16 ET (05:16 GMT)

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