Will Siemens soon be a software company with an attached hardware department?
This analogy to an age-old saying - "Siemens bank with an attached electrical department" - may be allowed.
If the CEO Roland Busch has his way, the technology group is in a state of metamorphosis.
It is not just developing into a pure provider of digitization with networked production and infrastructure.
Siemens focuses on software and cloud-based services.
This brings high returns and with long-term contracts can become a source of sustainable profits.
Before that, however, there are high investments in the restructuring of the most important division, digital industry - and in acquisitions.
Here Mentor Graphics and Mendix, there Supplyframe and Squills.
It may not look spectacular at all.
But the purchase prices add up to billions.
The purchases seem like pieces of a puzzle that are precisely tailored technologies for individual sectors.
But the overall picture is missing to what extent this will pay off and bring the group as a whole forward.
The calculation can work out that instead of mega-acquisitions including integration stress, a patchwork quilt bought together is more effective.