Press Releases
PTC and CAD Schroer Sign Agreement Transferring MEDUSA Assets
NEEDHAM, Mass., January 17, 2002 – PTC (Nasdaq: PMTC), the product development company™, today announced that it has entered into a definitive agreement, transferring its MEDUSA® family of 2 dimensional (2D) computer-aided design (CAD) products to Germany-based CAD Schroer. CAD Schroer, whose core business is built around the MEDUSA technology, is PTC's largest MEDUSA reseller. MEDUSA is a 2D detailing and design documentation solution with additional applications focused on plant design. The agreement is part of PTC's ongoing efforts to focus on its strategic core technology. Financial details were not disclosed.
Under the agreement, CAD Schroer will assume responsibility for future product development, as well as sales and maintenance support for existing MEDUSA customers. PTC's close relationship with CAD Schroer will continue, and PTC will resell and distribute "PEGASUS," a new stand-alone drafting system currently being developed. PEGASUS is designed as a complement to MEDUSA and Pro/ENGINEER®, PTC's market leading product development solution.
"We always want what is best for the PTC customer and many of our MEDUSA customers will continue to be users of other PTC products and services," said Brian Shepherd, PTC senior vice president, MCAD Strategy. "This agreement, and the ongoing relationship between PTC and CAD Schroer, gives these customers two highly focused and cooperative partners to ensure their continued product development success."
"From the CAD Schroer business perspective, becoming the owners of MEDUSA allows us to further guide the development of our majority business," said Michael Schroer, CAD Schroer's general manager. "We are excited to use our 15 years of experience as a MEDUSA software, service and development partner to ensure product continuity and progress for our customers."
About CAD Schroer
CAD Schroer, based in Moers (Düsseldorf) Germany, develops and markets solutions for engineers. CAD Schroer is focused on the integration of the 2D and 3D computer aided design process. More than 1,500 customers rely on CAD Schroers solutions and support. Further information is available at http://www.cad-schroer.com
About PTC
PTC (Nasdaq: PMTC) develops, markets, and supports software solutions that help manufacturers get superior products to market before their competitors. PTC is the world's largest software company with a total commitment to product development. The company services more than 33,000 customers worldwide. Further information on PTC is available at http://www.ptc.com.
Except for the historical information contained herein, matters discussed in this news release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include the successful transition of the MEDUSA assets to CAD Schroer, PTC's ability to continue to develop and support products and services that are compatible with MEDUSA technology, and such other risks and uncertainties as are detailed from time to time in reports filed by PTC with the U.S. Securities and Exchange Commission, including PTC's most recent reports on Form 10-K and 10-Q.
PTC, The Product Development Company, and Pro/ENGINEER are registered trademarks and all names in the PTC product family as well as the PTC logo are trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries. All other companies and products referenced herein have trademarks or registered trademarks of their respective holders.
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