Siemens AG (SIE) is seeking more takeovers to boost its smart-grid energy division, which uses software to help utilities react to electricity demand, as software becomes a key growth pillar at Europe’s biggest engineering company.

The Munich-based maker of power plants is also investing “heavily” in research and development for its smart grid operations, Thomas Zimmermann, the head of the Smart Grid Solutions and Services unit, said in a telephone interview.

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