PTC Doubles Down On Its Core Solutions While TPG Bulks Up Its Industrial Software Arsenal

PLM software specialist PTC has agreed to sell its Kepware industrial connectivity and ThingWorx Internet of Things (IoT) businesses to global alternative asset management firm TPG, pending regulatory approval. The acquisition is a strategic step for both parties, as PTC increases its focus to core design and lifecycle management solutions while TPG builds a portfolio of industrial software offerings focused on data, connectivity and operations.

Kepware and ThingWorx have long been foundational industrial connectivity solutions. Kepware’s communication platform facilitates connectivity between industrial automation assets and applications, ensuring data flows and integration across industries. ThingWorx is an industrial IoT platform for enterprises that connects systems, analyses data and enables remote management of devices.

Under TPG’s ownership, both Kepware and ThingWorx businesses will gain a fresh platform for growth, allowing them to focus on industrial firms’ evolving challenges and further enhance their offerings. The acquisition follows TPG’s recent purchases of GE Vernova’s Proficy manufacturing software business and of Irth Solutions – an asset integrity software provider – from Blackstone, showing its intent to create an integrated portfolio of software solutions for industrial customers.

For PTC, the sale allows the firm to concentrate on its core product lifecycle management offerings, such as ALM, CAD, PLM and SLM. Part of the firm’s current strategy is centred on releasing new AI capabilities across its portfolio, with – for example – its Creo AI offering enhancing automation of repetitive CAD tasks.

The sale reflects the differing strategies of providers in the space, as some look to narrow their focus while others are broadening their offerings. For example, while Siemens acquired Altair in 2024 to broaden its digital twin simulation capabilities, Hexagon sold its design and engineering tools to Cadence Design Systems.

For more information, check out Verdantix research on  industrial asset management software and services,  industrial AI analytics and data management and  field services management.