TPG Acquires PTC’s Industrial Connectivity and IoT Businesses

PTC increases focus on Intelligent Product Lifecycle vision

About the Agreement

PTC today announced it has completed the previously announced sale of the company’s Kepware® industrial connectivity and ThingWorx® Internet of Things (IoT) businesses (the “businesses”).

The transaction will provide the businesses with additional capital and expertise to accelerate growth and further their market leadership to meet the evolving connectivity and data needs of manufacturing organizations.

Press Release

"We are pleased to complete the divestiture of our Kepware and ThingWorx businesses as we increase our focus on our Intelligent Product Lifecycle vision. We want to thank the teams moving over for their years of service, and we wish them well moving forward."

Neil Barua, President and CEO, PTC

FAQs

What did PTC announce?

PTC announced that it has completed the previously announced sale of the company’s Kepware® industrial connectivity and ThingWorx® Internet of Things (IoT) businesses (the “businesses”).

Who is TPG?

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with investment and operational teams around the world and a unique strategy driven by collaboration and innovation. The firm combines deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our stakeholders, portfolio companies, management teams, and communities.
TPG is an experienced software and enterprise technology investor with a long history of partnering with innovative businesses like Kepware and ThingWorx to help them grow and scale.

What are the benefits of the transaction for customers?

This move enables PTC to increase its focus on the areas central to its Intelligent Product Lifecycle vision: CAD, PLM, ALM, and SLM and the accelerating shift toward AI and SaaS. For customers using these products and technologies, PTC concentrating its resources and investment in these areas will help them address some of their most pressing challenges by enabling them to fully leverage the value of their product data and to transform each stage of the lifecycle.
For Kepware and ThingWorx customers, this agreement is designed to enhance the value these products deliver.
TPG has a successful history of investing in software and enterprise technology businesses for growth and has demonstrated a strong commitment to the manufacturing industry.
Through this agreement, the businesses will gain additional investment, expertise, and operational focus – all in the interests of the businesses continuing to grow and delivering more for customers. Kepware and ThingWorx remain the leading products you trust.

What should ThingWorx and Kepware customers expect now that the deal has closed?

It is business as usual for customers and partners now that the deal has closed. There are no immediate changes or impacts:
- Roadmaps remain on track.
- Deployments are proceeding as planned.
- Our commitment to world-class service continues with your same, trusted contacts.
We will continue to provide updates with customers directly as available and appropriate. Please do not hesitate to contact your usual PTC account representative.

Will PTC continue to work with ThingWorx and Kepware now that the transaction has closed?

Yes, PTC is entering into a long-term agreement with the Kepware and ThingWorx businesses to ensure continued value delivery for PTC customers using products that leverage ThingWorx technology, such as Windchill Navigate.
We look forward to continuing to work with you and these businesses as they scale and evolve under TPG’s ownership.

Who should I contact if I have questions?

Please contact your PTC account representative.