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- Brightly
Brightly Acquisition, Valuation, Funding & Investors
Brightly was acquired by Siemens for $1.6B in June 2022, a 8.8x multiple on $180M of revenue.
Brightly revenue at acquisition
$180M
Last twelve months · Jun 2022
Brightly revenue multiple at acquisition
8.8x
EV/Revenue · Jun 2022
Cumulative funding Brightly raised
$100M
across 1 funding round
About Brightly
Brightly is a Cary, North Carolina-headquartered provider of asset performance management software tailored for public sector organizations and utilities. The company offers a suite including Computerized Maintenance Management Systems, Enterprise Asset Management, strategic asset planning tools, IoT remote monitoring, sustainability tracking, and community engagement platforms. Serving over 4,000 clients such as municipalities in the United States and Canada, Brightly enables predictive maintenance for infrastructure like streets, bridges, water systems, and power grids. Acquired by Constellation Software in 2021, the platform processes real-time data to reduce downtime and operational costs across the full asset lifecycle.
Founded
1999
HQ
Website
Status
Acquired
Customer focus
B2B & B2G
Revenue model
Subscription
Revenue
$180M (Jun 2022)
Valuation
$1.6B (acquired Jun 2022)
Brightly Acquisition
Brightly was acquired by Siemens for $1.6B on 27 June 2022.
The acquisition price implies a 8.8x revenue multiple on $180M of revenue.
Before the acquisition Brightly had raised $100M across 1 funding round.
Brightly Software, a US-based SaaS provider of cloud-based asset and maintenance management solutions headquartered in Cary, NC, was acquired by Siemens Smart Infrastructure on June 27, 2022, with closing on August 4, 2022. Previously owned by Clearlake Capital since 2019, Brightly served around 12,000 customers in sectors including education, healthcare, public infrastructure, and manufacturing, primarily in the US, Canada, UK, and Australia, with about 800 employees. The company expected 2022 revenues of USD 180 million and ARR of USD 160 million in a market growing at 13% CAGR. The deal, valued at USD 1.575 billion upfront plus a USD 300 million earn-out, strengthens Siemens' position in the software market for buildings and built infrastructure. It adds Brightly's capabilities to Siemens' digital expertise, accelerating SaaS business growth, enabling seamless data exchange for enhanced efficiency, lower maintenance costs, and sustainability. Synergies are anticipated from combining Brightly's US market presence with Siemens' global footprint, supporting autonomous buildings and digital transformation amid regulatory and ESG pressures. Strategic rationale includes leapfrogging building performance levels, differentiating from competitors like IBM, SAP, and Oracle in the EAM market, and accretive impact on Siemens' software ambitions. Brightly's recent acquisitions of Assetic, Confirm, and Energy Profiles bolstered its portfolio in EAM, CMMS, and energy management.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 27 Jun 2022 | Strategic M&A | $1.6B | 8.8x |
Brightly Funding History
Brightly has raised a total of $100M across 1 funding round.
Brightly funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2014 | Undisclosed stage | Warburg Pincus (lead) | $100M | Brightly Software, formerly known as Dude Solutions, is a provider of facility management and asset performance software, with increased focus on healthcare and government verticals around 2014. In 2014, the company received a $100M outside investment from Warburg Pincus, marking a significant growth capital infusion. This round is listed among four total funding rounds for Brightly, which also include later acquisitions and investments from entities like Siemens and Clearlake Capital Group, culminating in an Acquired - II event in June 2022. The investment appears to have supported expansion, as evidenced by subsequent acquisitions like TheWorxHub in 2015. |
Who has invested in Brightly?
1 investor has backed Brightly across its funding rounds, including Warburg Pincus.
Lead investors include Warburg Pincus.
Brightly Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Brightly
Brightly has acquired 8 companies to date.
Last acquisition by Brightly was on January 6th 2022. Brightly acquired Energy Profiles Limited for undisclosed valuation.
Latest Acquisitions by Brightly
| Description | Energy Profiles Limited is a London-headquartered provider of SaaS platforms for utility bill management and ESG reporting in commercial real estate. Its Stream Utility Tracker processes 500 million data points annually from 10,000 buildings, automating P&L reconciliation with 99 percent accuracy. Building Intelligence delivers predictive analytics for 2 million square meters of office space, identifying 15 percent energy savings via fault detection on HVAC systems for clients like British Land. | Facility Health is a provider of asset management software and engineering services for industrial facilities. Its platform integrates CMMS data for real-time maintenance analytics, repair performance tracking, engineering assessments, and asset life forecasting, serving clients in manufacturing and energy sectors from its U.S. base. | Confirm Solutions is a software provider for public sector infrastructure services incorporating IoT technology. London-based, the platform optimizes asset management, field operations, and smart city applications for utilities and local governments in the United Kingdom and Ireland. | Assetic is a centralized asset data repository for engineering and finance professionals in asset management. Its algorithms and degradation profiles forecast capital expenditures, aiding long-term planning for infrastructure and utility organizations worldwide. | |
| HQ Country | |||||
| HQ City | Toronto | Grand Rapids, MI | - | Melbourne | |
| Deal Date | 6 Jan 2022 | 14 Dec 2021 | 29 Dec 2020 | 25 Mar 2020 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Brightly Competitors
Brightly competitors include listed companies like KPIT Technologies and Harbin Boshi Automation, and private ones like Kylinsoft, SafetyCulture, 24M Technologies and Tulip Interfaces.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $673M | $128M | $1.6B | 2.2x | ||
| Private | $209M | - | $1.6B | 7.6x | ||
| Publicly listed | $422M | $106M | $1.7B | 3.5x | ||
| Private | $84M | - | $1.8B | 21.1x | ||
| Private | - | - | $1.3B | - | ||
| Private | - | - | $1.3B | - |
Brightly Public Comps
Brightly is no longer listed, but its public comps include KPIT Technologies, Harbin Boshi Automation, Zwsoft, Imdex, Proto Labs, Glodon Co, Vitec Software, Qt Group, GuoChuang Software and Shenzhen Tianyuan Dic.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $673M | $128M | 2.3x | 2.2x | 11.8x | 11.3x | |||
| $422M | $106M | 3.5x | 3.5x | 14.0x | 11.4x | |||
| $133M | $12M | 7.4x | 6.9x | 79.9x | 49.1x | |||
| $370M | $94M | 3.7x | 3.6x | 14.6x | 11.4x | |||
| $533M | $65M | 3.6x | 3.4x | 29.6x | 21.3x | |||
| $909M | $141M | 1.8x | 1.8x | 11.4x | 9.8x | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
| $249M | $62M | 4.3x | 3.9x | 17.3x | 16.0x | |||
This data is available for Pro users. Sign up to see all Brightly competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Brightly
| When was Brightly founded? | Brightly was founded in 1999. |
| Where is Brightly headquartered? | Brightly is headquartered in Raleigh, NC, United States. |
| Is Brightly publicly listed? | No, Brightly was acquired by Siemens in June 2022. |
| Who acquired Brightly? | Brightly was acquired by Siemens in June 2022. |
| How much was Brightly acquired for? | Brightly was acquired for $1.6B in June 2022, a 8.8x revenue multiple. |
| How much funding has Brightly raised? | Brightly has raised $100M across 1 funding round. |
| What was Brightly's last funding round? | Brightly's last funding round was a $100M undisclosed-stage round in February 2014, led by Warburg Pincus. |
| Who are Brightly's investors? | Brightly's investors include Warburg Pincus. |
| Which companies are comparable to Brightly? | Companies comparable to Brightly include KPIT Technologies, Kylinsoft, Harbin Boshi Automation, SafetyCulture, 24M Technologies and Tulip Interfaces. |
| How many companies has Brightly acquired? | Brightly has acquired 8 companies, including Energy Profiles Limited, Facility Health, Confirm Solutions, assetic and Paladin Data Systems. |
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