Autodesk Gains 4% On Tuesday Following New Agreement With Siemens

Shares of Autodesk, Inc. ADSK were trading higher by 4 percent on Tuesday after the company announced it has entered into a new agreement with Siemens AG (ADR) SIEGY.

As part of the agreement, Autodesk and Siemens will combine their computer-aided design (CAD) software with the goal of streamlining data sharing and reducing costs in organizations with multi-CAD environments.

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Autodesk added that the two companies will share toolkit technology and exchange end-user software applications to build and market interoperable products.

"Interoperability is a major challenge for customers across the manufacturing industry, and Autodesk has been working diligently to create an increasingly open environment throughout our technology platforms," said Lisa Campbell, vice president of manufacturing strategy and marketing at Autodesk. "We understand that our customers use a mix of products in their workflow and providing them with the flexibility they need to get their jobs done is our top priority."

"Incompatibility among various CAD systems has been an ongoing issue that adversely affects manufacturers worldwide, and can add to the cost of products from cars and airplanes to smart phones and golf clubs," said Dr. Stefan Jockusch, vice president, strategy, Siemens PLM Software. "Siemens has been at the forefront in helping to resolve this incompatibility issue with a wide variety of open software offerings that significantly enhance interoperability. This partnership is another positive and important step in our drive to promote openness and interoperability and to help reduce costs for the global manufacturing industry by facilitating collaboration throughout their extended enterprises."