Clifford Chance has advised Software AG, Darmstadt, Germany, on its acquisition of Cumulocity GmbH, Düsseldorf.

The company develops innovative solutions for the Internet of Things (IoT) and its IoT cloud is an application and device management platform to facilitate the connection of network devices and sensors. The inclusion of Cumulocity's IoT solutions in its product portfolio will allow Software AG to integrate its IT applications more easily, quickly and efficiently with IoT operating devices. The takeover of Cumulocity reinforces Software AG's position as an IoT technology leader. Software AG, which is listed on the TecDAX in Frankfurt, and Cumulocity had already been working together since 2015 as part of a strategic IoT partnership. The parties have decided not to disclose the financial details of the takeover.

Software AG offers the first digital business platform for continuous processes on the basis of open standards, focusing on integration, process management, in-memory data technology, flexible application development, real-time analysis and IT architecture management. The company employs more than 4,300 people across 70 countries and generated revenues of EUR 872 million in FY 2016.

The Clifford Chance team was led by partner Dr. Christof-Ulrich Goldschmidt and comprised associate Schirin Drewell, senior associate Dr. Margret Bootz-Hagen and senior transaction lawyer Carina Soesanto (all Corporate/M&A, Frankfurt), partner Dr. Claudia Milbradt and senior associate Dr. Florian Reiling (both IP, Düsseldorf), partner Thorsten Sauerhering and senior associate Dr. Dominik Engl (both Tax, Frankfurt), counsel Dr. Alexander Cappel (Compliance, Frankfurt) and partner Markus Muhs, senior associate Dr. Wenzel Richter and associate Amelie Krause (all Corporate/M&A, Munich).