Siemens, Europe's biggest industrial group, has agreed to buy CD-adapco, a privately held U.S. engineering software firm, for close to $1 billion in cash, according to a person familiar with the matter.
Siemens's deal with CD-adapco could be announced as early as Monday, the person said, asking not to be identified because the agreement is not yet public. The two companies did not immediately respond to requests for comment.
Melville, New York-based CD-adapco makes computer programs used by engineers to simulate the inner workings of an engine. Those products will complement a business unit of Siemens focused on product lifecycle management software, the person added.