BOSTON--(BUSINESS WIRE)--PTC (NASDAQ: PTC) today announced it has completed its acquisition of Onshape, developer of the Onshape® Software as a Service (SaaS) product development platform that unites robust computer aided design (CAD) software with powerful data management and collaboration tools. The acquisition positions PTC to capitalize on the inevitable industry transition to SaaS.
“We expect our acquisition of Onshape will enhance the momentum we’re seeing with our Creo® and Windchill® products,” said Jim Heppelmann, president and CEO, PTC. “We now have the full portfolio to meet customers wherever they are, be it on-premises or with a full SaaS model in the cloud.
“Based on the successful approach we took with our ThingWorx® Internet of Things and Vuforia® Augmented Reality platforms, we expect the increased investment and market reach that PTC brings to Onshape will lead to an even stronger position in the high-growth SaaS market. We also intend to integrate breakthrough capabilities, such as our recently acquired Frustum® generative design technology, into Onshape, to further advance PTC’s position as the market transitions to the SaaS model,” added Heppelmann.
The SaaS model, while nascent in the CAD and product lifecycle management (PLM) markets, is rapidly becoming industry best practice across most other software domains. IDC's research shows manufacturers are looking to the cloud to support specific innovation-related processes such as design review, supplier collaboration, quality management, and service execution.*
Onshape will operate as a SaaS business unit within PTC with Jon Hirschtick, president of Onshape, reporting directly to Jim Heppelmann, president and CEO of PTC.
*Source: IDC Link, PTC Acquires Onshape for SaaS, Cloud CAD, October 2019
This news release contains statements about future events and expectations, including the effect of the acquisition on our future growth and financial results, the expected value of the acquired technology to our business, and the integration of the companies’ technologies. These statements are “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from those projected as a result of certain risks and uncertainties, including that the acquired technology may not provide the access to new customers and markets that we expect if those customers and markets are not receptive to the technology; we may be unable to integrate the acquired technology when or as we expect, which could adversely affect our ability to offer additional features or SaaS solutions; customers may not adopt SaaS solutions for product development as we expect, which would adversely affect our revenue; key Onshape employees may not stay with PTC, which could disrupt the Onshape business and our ability to successfully integrate and operate the Onshape business; and other risks and uncertainties described in PTC’s filings with U.S. Securities and Exchange Commission.
About PTC (NASDAQ: PTC)
PTC unleashes industrial innovation with award-winning, market-proven solutions that enable companies to differentiate their products and services, improve operational excellence, and increase workforce productivity. With PTC, and its partner ecosystem, manufacturers can capitalize on the promise of today’s new technology to drive digital transformation.
PTC, Onshape, Creo, Windchill, ThingWorx, Vuforia, Frustum, and the PTC logo are trademarks or registered trademarks of PTC Inc. and/or its subsidiaries in the United States and other countries.