TPG to Acquire PTC's Industrial Connectivity and IoT Businesses

Learn more about what this means for PTC’s strategic direction.

About the Agreement

PTC and TPG, a leading global alternative asset management firm, today announced a definitive agreement under which TPG will acquire PTC’s Kepware® industrial connectivity and ThingWorx® Internet of Things (IoT) businesses (the “businesses”).

The proposed transaction would provide the businesses with additional capital and expertise to accelerate growth and further their leadership to meet the evolving connectivity and data needs of manufacturing organizations. TPG will invest in the businesses through TPG Capital, the firm’s U.S. and European private equity platform.

Press Release

We’re pleased to reach this agreement with TPG as we sharpen our focus on delivering our Intelligent Product Lifecycle vision for customers through our core CAD, PLM, ALM, and SLM offerings and the ongoing adoption of AI and SaaS. With our resources and investments concentrated in these areas, we are confident we can help our customers address their most pressing challenges by enabling them to fully leverage the value of their product data and to transform each stage of the product lifecycle.”

Kepware and ThingWorx are market-leading products, and we are pleased that they are gaining an outstanding partner in TPG that is committed to their future growth and to meeting the evolving needs of customers. We look forward to continuing to work with these businesses as they scale and evolve under TPG’s ownership.”

Neil Barua, President and CEO, PTC

FAQs

What did PTC announce?

PTC announced the exciting news that it has entered into a definitive agreement with TPG, a leading global alternative asset management firm, under which TPG will acquire PTC’s industrial connectivity and IoT businesses, Kepware and ThingWorx.

When is the transaction expected to close?

The transaction is expected to close in the first half of calendar year 2026, subject to customary conditions. Until then, it’s business as usual for PTC customers and partners: roadmaps remain on track, deployments are moving forward, and our commitment to world-class service continues with your same, trusted contacts.

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 between now and the completion of the transaction?

It is business as usual for customers and partners between now and the closing of the transaction:
- 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 as available and appropriate. Please do not hesitate to contact your usual PTC account representative.

Is Windchill Navigate apart of the acquisition?

No. Windchill Navigate and other PTC products that use ThingWorx technology are not part of the transaction.

Will PTC continue to work with ThingWorx and Kepware after the transaction closes?

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.