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Perfect Costing Solutions makes software to calculate a range of industrial costs (Photo: Perfect Costing)

Siemens will acquire Perfect Costing Solutions, a German maker of product cost management software, in a bid to bolster its product lifecycle management software portfolio.

The German engineering and electronics group said its PLM Software business unit, which is part of the Siemens Industry Automation Division, will take charge of Perfect Costing Solutions, which serves the manufacturing industry in general and the auto industry in particular. The company, which has about 50 staff worldwide, specializes in software for the cost calculation and estimation of products and tools in Europe.

Chuck Grindstaff, CEO of Siemens’ PLM Software Business Unit, said the acquisition underscores the Siemens Group's aim to build up a leading position in industry software.

"By acquiring Perfect Costing Solutions GmbH we are adding a key ingredient to our PLM portfolio," he said in a press release.

Perfect Costing's CEO, Andreas Testinis, said his company's products aim to provide management with consistent, transparent and fact-based information needed to make appropriate decisions.

Said Tsetinis: "This customer benefit will considerably grow within the PLM environment of Siemens."