PTC Acquires ThingWorx for $112 Million
The $112 million purchase, with a possible earn-out of up to $18 million, gives PTC accessibility to an application platform designed by ThingWorx to rapidly build innovative Internet of Things (IoT) and M2M applications.
ThingWorx will continue to work as part of PTC, as well as an emerging partner network of IoT-enabled service providers, to help customers in industries such as telecommunications, utilities, medical devices, agriculture and transportation to leverage IoT.
"All aspects of our strategy to date have centered on helping manufacturing companies transform how they create and service smart, connected products," said Jim Heppelmann, PTC president and CEO. "For manufacturers today, it is clear to us that improved service strategies and service delivery is the near-term ‘killer app' for the Internet of Things and this opportunity has guided our strategy for some time. With this acquisition, PTC now possesses an innovation platform that will allow us to accelerate how we help our customers capitalize on the market opportunity that the IoT presents."
Iot expands networks of connected sensors and devices and is contributing to a growing ecosystem of ThingWorx partners who want to capitalize on its growth. ThingWorx says the company will continue to serve this diverse market with management continuing to focus on its current path.
"At ThingWorx, we share PTC's vision for helping organizations fundamentally leverage the connected world," said Russell Fadel, CEO and co-founder, ThingWorx. "We believe all industries, but especially manufacturing, will be transformed in the Internet of Things era. We are excited to pursue this broad set of opportunities with the resources and proven solution portfolio that PTC provides."