Recently, PTC, a firm that enables manufacturers to achieve sustained product and service advantages, successfully completed the acquisition of ThingWorx for approximately $112 million.
ThingWorx is the creator of an award-winning platform for building and running applications for the Internet of Things.
Officials said that the acquisition of ThingWorx will help position PTC as a major player in the emerging Internet of Things (IoT) era. It will also extend the company’s strategy by increasing its ability to support manufacturers looking for competitive advantage as they create and service smart, connected products.
Now, being a part of PTC, ThingWorx will continue to help customers in various industries seeking to leverage the IoT, including telecommunications, utilities, medical devices, agriculture, and transportation, as well as an emerging partner network of IoT-enabled service providers.
In a statement, Russell Fadel, CEO and co-founder, ThingWorx, said: "At ThingWorx, we share PTC's vision for helping organizations fundamentally leverage the connected world." "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.”
Officials have said that the acquisition will add more than $10 million of revenue over the next 12 months, with $5 million to $7 million of revenue in FY ‘14.
"All aspects of our strategy to date have centered on helping manufacturing companies transform how they create and service smart, connected products," said PTC president and CEO Jim Heppelmann. “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.”
Edited by Alisen Downey