The company builds technology for the manufacturing industry. The goal of this acquisition is to place PTC as a “major player” in industries that deal with the Internet of things, or everyday household items that are connected to the Web.
ThingWorx’s platform makes it easier for businesses to develop applications of the “connected world.” It has tools that make it easier to design and build apps and process and make sense of all the data that is generated.
PTC was founded in 1985 and has actively acquired tech startups for a decade. It has solutions for product-lifecycle management, computer-aided design, application-lifecycle management, supply-chain management, and service-lifecycle management in the telecommunications, utilities, medical-device, agriculture, transportation, and industrial markets.
In a statement about the news, PTC said we are in the early stages of a fundamental transformation that is “one of the most significant disruptions to the manufacturing industry since the Industrial Revolution.”
The McKinsey Global Institute found that the Internet of things has the potential to create economic impact of up to $6.2 trillion annually by 2025. It estimated that up 80 percent to 100 percent of all manufacturing could be using Internet of things applications by then, leading to potential economic impact of up to $2.3 trillion, largely from productivity gains.
ThingWorx will help PTC provide Internet of things solutions to its 27,000 customers, so they can respond to the changing market and take advantage of new business opportunities. It will operate as a separate for business unit within PTC.
PTC expects the acquisition will add more than $10 million of revenue over the next 12 months.