A Saskatoon-based high tech company is being acquired by a major player in the industry.
Siemens AG, a global tech giant based in Germany, plans to acquire Solido Design Automation for an undisclosed sum.
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Solido develops computer-aided design software that specializes in machine learning and is a leading provider of variation-aware design and characterization software.
Companies worldwide then use the software to make electronic device chips for a wide-range of products including phones, cars, and credit cards.
Siemens said the acquisition of Solido will help them build upon their digitization strategy and expand its software business into North America.
Solido Design Automation began in Saskatoon in 2005 and now has offices around the world.
The transaction is expected to close in December.
Solido’s head office will remain in Saskatoon.