PTC Acquires CoCreate
NEEDHAM, Mass. – December 3, 2007 – PTC (Nasdaq: PMTC), the Product Development Company, today announced it has completed its acquisition of CoCreate Software GmbH, a provider of product development solutions, for approximately $250 million net of cash acquired and excluding transaction fees. CoCreate, based in Sindelfingen, Germany, has 280 employees and more than 5,000 customers globally including Agilent, Canon, Molex, Fujitsu, HP, Liebherr, Matsushita Electric, NEC, Olympus, Phoenix Contact and Seiko Epson.
"The acquisition of CoCreate enables PTC to broaden its customer base, its distribution channel, and its product offering," said C. Richard Harrison, president and chief executive officer, PTC. "Additionally, we expect the acquisition will be immediately accretive to our non-GAAP operating margins and earnings."
Customer satisfaction has been a top priority for PTC and we expect CoCreate customers to benefit from this focus. PTC is committed to maintaining, enhancing and further developing all CoCreate products indefinitely, including OneSpace Modeling, OneSpace Drafting, OneSpace Model Manager, OneSpace Drawing Manager, OneSpace Live! and OneSpace.net. PTC will continue to offer all CoCreate solutions as stand-alone offerings. Additionally, PTC plans to integrate CoCreate solutions with the PTC Product Development System (PDS) in order to offer CoCreate customers complementary product development capabilities including engineering calculations, dynamic publishing, visualization, high-speed machining, and enterprise content and process management.