ThingWorx bought by PTC for $112M

ThingWorx will be acquired by PTC in a deal worth $112 million, the companies announced today.

PTC provides technology for device makers, including solutions for design, manufacturing and service across the entire product lifecycle – from conception and design to sourcing and service. ThingWorx is a platform for building applications for connected devices, and will give PTC an advantage with customers who want to easily deploy connected products and services within their product line.

“At ThingWorx, we share PTC’s vision for helping organizations fundamentally leverage the connected world,” ThingWorx CEO Russell Fadel said in a statement. “We believe all industries, but especially manufacturing, will be transformed in the Internet of Things era.”

For an example of what the two companies can do together, check out this demonstration video from PTC. It shows how a ThingWorx app, combined with PTC technologies, can connect a manufacturer to its customers’ devices and allow it to provide immediate, on-site service and repair.

ThingWorx will continue to operate under its own brand. The acquisition is expected to add more than $10 million to PTC’s revenue in the next 12 months.

Additional details from the companies:

Related: Postscapes Interview w/ Thingworx co-founder and CTO Rick Bulotta, IoT Investments,IoT Platforms

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