PTC Acquires Onshape
BOSTON, MA, USA, Nov 5, 2019 - PTC (NASDAQ: PTC) announced that 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
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. For more information, visit https://www.ptc.com.