IBM International Business Machines Corp

By Christopher Alessi

MUNICH--Siemens AG (SIE.XE) said Wednesday it is targeting double-digit annual growth at its digital businesses each year through 2020, part of the German industrial conglomerate's effort to build up its software capabilities.

The company said it aims to achieve double-digit growth at its software, digital services and cloud platforms over the next three years. Siemens' digital services business had revenue of more than 1 billion euros ($1.07 billion) in fiscal 2016 while its software solutions unit had revenue of around EUR3.3 billion, together an increase of about 12% year-on-year.

Speaking at an event on the company's digitalization strategy, newly appointed Chief Technology Officer Roland Busch said Siemens planned to increase investments in research and development by around EUR300 million in fiscal year 2017, to around EUR5 billion.

Siemens also said it is expanding its cloud platform, known as MindSphere, while working with U.S. technology company International Business Machines Corp. to integrate a data analytics program.

Write to Christopher Alessi at christopher.alessi@wsj.com

(END) Dow Jones Newswires

December 07, 2016 04:05 ET (09:05 GMT)

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