Needham-based software firm PTC signs a deal to acquire privately-held Axeda Corporation, an Internet of Things (IoT) firm for approximately $170 million in cash. The transaction is expected to be completed in PTC’s fiscal Q4 2014.
PTC said buying Axeda will accelerate its ability to deliver best-in-class solutions across the entire Internet of Things technology stack. Machine Cloud Service, Axeda’s core product helps companies to establish secure connectivity and remotely monitor and manage IoT and M2M devices over cellular networks, Wi-Fi, or satellite. Axeda’s IoT technology stack covers network, application, user, and data security.
PTC highlighted that the Axeda technology portfolio will complement its existing ThingWorx® rapid application development platform and its existing service lifecycle management (SLM) and extended product lifecycle management (PLM) solution portfolio.
“Axeda was early to see the potential of the IoT space and we consider ourselves a true market innovator. Our technology solutions enable companies to connect to, and manage machines and the data they generate to create new business opportunities. We share PTC’s vision for the transformative power of smart, connected products and are excited to contribute to PTC’s leadership position in this fast growing market.”
– Todd DeSisto, President and CEO, Axeda
“The world we live in is changing around us, and the pace of that change is accelerating as more and more machines, sensors, and products connect via the Internet, to their makers, and to each other. In recent years, products have become tremendous sources of intelligence as they have been increasingly instrumented with sensors. Until now, manufacturers have been constrained in their ability to securely collect that data and make sense of it all. Axeda’s innovative approach to machine connectivity delivers exactly what manufacturers need to capitalize on the massive amounts of data now available from their smart, connected products.”
– Jim Heppelmann, President and CEO, PTC