Company profile
- Industry
- Technology conglomerate
- Founded
- 1847
- Headquarters
- Munich, Germany
- Ownership
- Publicly traded
Profiles are auto-generated and infrequently updated.
Decisions on record
2 verified Decision Records on Siemens, and the casebook each one belongs to.
| Fork date | Decision type | What Siemens chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2007 | The Money Machine | Buy into software | Siemens completed the Altair acquisition for enterprise value ~USD 10 billion (2025) | Read the story → | The Money Machine Casebook → |
| 2024 | Adjacency Expansion | Concentrate into one adjacency | Altair became a wholly owned subsidiary and shares ceased trading on NASDAQ (2025-03) | Read the story → | Adjacency Expansion Casebook → |
Run one of these yourself
The decisions Siemens faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Crisis & ReinventionThe TurnaroundIs this plan a turnaround, and can it be finished?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
Siemens Spent a Decade Spinning Off Its Crown Jewels. It Kept the Keys to Every One.
Siemens shed lighting, healthcare, and energy to become a focused software company, capping the pivot with a $10B Altair deal in 2025. But it retained an anchor stake in every spin-off — and is still planning the next one. The conglomerate instinct didn't die. It learned to wear a disguise.
8 min
The Money Machine · Business Model
Siemens Put Roughly $18 Billion Into Software to Escape Hardware's Boom-Bust Cycle
Siemens has spent roughly $18 billion building an industrial-software business — UGS in 2007, Mentor in 2017, Altair in 2025. The point isn't software for its own sake. It's escaping the boom-and-bust cycle of the factory hardware that pays for it.
7 min
The Turnaround · Crisis & Reinvention
Siemens Has a Turnaround Legend. It Hides That There Were Two Near-Deaths, Not One.
The heroic Siemens comeback story collapses two unrelated crises into one arc. The 2008 bribery scandal cost over $1.6 billion in fines; the 2023 wind-turbine disaster needed a €7.5 billion state guarantee. Treating them as one recovery hides the most useful lesson.
8 min