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© alexander podshivalov dreamstime.com Business | January 02, 2014

PTC acquires ThingWorx

PTC has acquired ThingWorx, creators of a platform for building and running applications for the Internet of Things (IoT), for approximately USD 112 million, plus a possible earn-out of up to USD 18 million.
The ThingWorx acquisition extends PTC's strategy by accelerating its ability to support manufacturers seeking competitive advantage as they create and service smart, connected products. As part of PTC, ThingWorx will continue to help customers 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.

"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."

"At ThingWorx, we share PTC's vision for helping organizations fundamentally leverage the connected world," said Russell Fadel, CEO and co-founder, ThingWorx. "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."

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