Siemens AG is considering acquiring Bentley Systems Inc. in an attempt to enter the industrial-software market, Bloomberg News reported, citing sources familiar with the matter.

Siemens has not made a final decision on the potential takeover, which would put Bentley Systems under its digital industries division, the report's sources said, cautioning that a deal may not take shape at all. Siemens has a 14% stake in Bentley, according to one of the sources.

Bentley is a software company catering to professionals in the infrastructure and construction industries, such as engineers, architects, planners and contractors. It has more than 3,500 employees and annual revenues of over $700 million, according to the company's website.

In 2016, Siemens and Bentley formed a €50 million joint innovation investment program. The companies expanded the program to €100 million in 2018 to further develop business cooperation and commercial initiatives.

A spokesperson for Siemens refused to comment, while a representative for Bentley did not respond to Bloomberg News' requests for comment.