PTC has reached a definitive agreement to sell its Kepware industrial connectivity and ThingWorx Internet of Things businesses to TPG in a transaction that will refocus PTC on its Intelligent Product Lifecycle strategy. The deal will allow PTC to deepen its investment in its core CAD, PLM, ALM, and SLM offerings while advancing new AI and SaaS capabilities. Financial terms were not disclosed.
The Kepware and ThingWorx platforms have played a central role in enabling industrial organizations to unify, manage, and analyze data across operational environments. With TPG’s investment and operational resources, the businesses will pursue opportunities to expand product capabilities and strengthen their position across markets such as manufacturing, energy, and utilities. TPG is acquiring the businesses through TPG Capital, its private equity platform serving the U.S. and Europe.
PTC stated that the decision will enable the company to focus on helping customers leverage product data more effectively throughout the entire product development lifecycle, from deployment to service. The company emphasized that it will continue working with the businesses after the acquisition closes to maintain continuity for customers.
TPG highlighted increasing demand among industrial enterprises for technologies that enable greater alignment between operational technology on the factory floor and enterprise information systems. The firm views the Kepware and ThingWorx platforms as well-positioned to support this shift.
Kepware serves as a data transmission layer across industrial automation networks, connecting hardware devices and software applications to ensure a reliable data flow for monitoring and control. ThingWorx provides a centralized IoT system that aggregates data, supports remote device management, and offers analytics tools that help enterprises identify performance trends and optimize operations.
Support: Centerview Partners acted as the exclusive financial advisor to PTC. Simpson Thacher & Bartlett LLP and Choate Hall & Stewart LLP served as legal advisors to PTC.
KEY QUOTES:
“We’re pleased to reach this agreement with TPG as we increase 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 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
“There is a generational opportunity to evolve and progress manufacturing through solutions that bridge the gap between operational and information technology. Kepware and ThingWorx are driving the digital transformation of the shop floor, helping customers manage and improve their production processes. We are excited to partner with PTC and look forward to supporting the next chapter of growth for these software platforms.”
Art Heidrich, Partner, TPG
