Siemens said it will integrate the tools and consulting services provider into its building technologies division as a separate operating unit.
Pace Global Chairman and CEO Timothy Sutherland will lead the unit, which will retain that company’s executive staff.
Siemens estimates that Pace Global manages more than $5 billion in worldwide energy spending and oversees a risk portfolio valued at $100 billion in energy assets.
“The purchase of Pace Global allows us to extend our reach into the energy market and enhance our current building automation portfolio of energy management solutions and services to both the private and public sectors, ” said Dave Hopping, vice president of Siemens’ U.S. building automation business unit.
“Sustainability and energy efficiency are top priorities for enterprises and municipalities, ” added Andreas Schierenbeck, president of the U.S. building technologies division.