TPG to Acquire PTC’s Industrial Connectivity and IoT Businesses
TPG to Acquire PTC’s Industrial Connectivity and IoT Businesses
Synopsis
- TPG to purchase PTC’s Kepware and ThingWorx divisions.
- The acquisition enhances both companies’ focus on industrial innovation.
- PTC will channel efforts toward its Intelligent Product Lifecycle vision.
- The deal, as reported by PR Newswire, is expected to finalize in early 2026.
2 mins Read
PTC Inc. has announced that it reached a definitive agreement with TPG, a global alternative asset management firm, for the acquisition of PTC’s Kepware® industrial connectivity and ThingWorx® Internet of Things (IoT) businesses. According to PR Newswire, this strategic transaction will allow both organizations to strengthen their positions within the evolving industrial technology landscape.
The agreement positions TPG Capital, the firm’s U.S. and European private equity platform, to provide additional resources and expertise that will accelerate the growth of both the Kepware and ThingWorx businesses. These platforms are key enablers of industrial connectivity and data management across sectors like manufacturing, energy, and utilities.
Neil Barua, President and CEO of PTC, stated that the deal underscores the company’s sharpened focus on its Intelligent Product Lifecycle strategy. This vision revolves around leveraging PTC’s core solutions—CAD, PLM, ALM, and SLM—while driving further adoption of AI and SaaS to help customers fully utilize product data throughout each stage of the lifecycle. Barua emphasized that transferring these divisions to TPG ensures their continued growth under a partner deeply committed to industrial innovation.
Barua added that both Kepware and ThingWorx have established themselves as industry-leading products, expressing confidence that TPG’s involvement would help them meet evolving connectivity and operational demands. PTC also intends to maintain a collaborative relationship with both entities as they transition to TPG’s ownership.
TPG Partner Art Heidrich described the transaction as a pivotal moment for modern manufacturing, highlighting the potential to further bridge the gap between operational and information technologies. He noted that Kepware and ThingWorx are vital to the digital transformation of industrial operations, empowering companies to improve production efficiency and manage complex systems through data-driven insights.
Kepware serves as an industrial communication platform that facilitates seamless connectivity among automation devices and software applications. It simplifies data collection, monitoring, and control across diverse industries such as oil and gas, manufacturing, and utilities. Meanwhile, ThingWorx is a robust IoT platform enabling enterprises to connect systems, analyze data, and manage devices remotely through a scalable and secure architecture.
As reported by PR Newswire, the transaction is expected to close in the first half of 2026, pending regulatory approvals and standard closing conditions.
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About PTC
PTC Inc. is a global leader in digital transformation solutions that empower manufacturers and product-driven enterprises to design, manufacture, and service physical products more efficiently. Headquartered in Boston, Massachusetts, PTC employs over 7,000 professionals and supports a global customer base exceeding 30,000 organizations. The company’s technology portfolio includes advanced platforms for computer-aided design (CAD), product lifecycle management (PLM), application lifecycle management (ALM), and service lifecycle management (SLM).
Through its cloud-based and AI-enhanced systems, PTC enables clients to optimize operations, innovate faster, and improve decision-making across the entire product lifecycle. PTC’s ecosystem of solutions—anchored by products such as Creo, Windchill, and Onshape—integrates design, data, and intelligence to bridge the gap between the physical and digital worlds. The company’s mission centers on helping industries realize the full potential of their product data through connected, sustainable, and intelligent operations.
About TPG
TPG is a leading global alternative asset management firm with approximately $286 billion in assets under management. Founded in San Francisco in 1992, the company operates investment and operational teams across North America, Europe, and Asia. TPG invests across a wide range of strategies, including private equity, impact, credit, real estate, and market solutions. Its approach combines deep sector expertise with collaborative, innovative, and inclusive investment practices that generate long-term value for investors, portfolio companies, and communities.
Through its U.S. and European private equity platform, TPG Capital, the firm partners with businesses positioned for strategic growth and transformation. TPG’s success is driven by its ability to connect data, operational insight, and global scale to identify high-impact opportunities. Its diversified investment portfolio reflects a commitment to sustainable performance, disciplined execution, and leadership across evolving industries.
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