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Siemens and Bentley Systems have formalised a strategic alliance agreement to drive new business value by accelerating digitalisation to advance infrastructure project delivery and asset performance in complementary business areas. Siemens and Bentley Systems will initially invest at least €50 million in developing joint solutions to enlarge their respective offerings for infrastructure and industry to the benefit of the end-customers. This work will leverage new cloud services for a connected data environment to converge respective digital engineering models from both companies. In addition to those elements of the agreement, approximately -Ç70 million of secondary shares of Bentley's common stock have been acquired by Siemens, under a company program that will continue until such time as Bentley Systems' stock is publicly traded.