“PTC has earned a reputation for successfully pursuing new innovations that drive corporate growth,” said Jim Heppelmann, president and CEO, PTC. “Building on the strong momentum we have with our on-premises CAD and PLM businesses, we look to our future and see a new growth play with SaaS.”
PTC is a globally known provider of solutions which helps clients to differentiate their products and services, improve operational excellence, and increase workforce productivity. By acquiring Onshape, PTC hopes to create a change in the overall drive of the industry of Software as a Service, creating a gradual ascent into becoming one of the best in the industry.
“Today, we see small and medium-sized CAD customers in the high-growth part of the CAD market shifting their interest toward SaaS delivery models, and we expect interest from larger customers to grow over time,” continued Heppelmann. “The acquisition of Onshape complements our on-premises business with the industry’s only proven, scalable pure SaaS platform, which we expect will open new CAD and PLM growth opportunities while positioning PTC to be the leader as the market transitions toward the SaaS model.”
Onshape is one of the creators of the first Software as a Service (SaaS) product development platform that unites robust computer aided design (CAD) with powerful data management and collaboration tools. The total acquisition was estimated to about $470 million, net of cash acquired in total.
“At Onshape, we share PTC’s vision for helping organizations transform the way they develop products,” said Jon Hirschtick, CEO and co-founder, Onshape. “We and PTC believe that the product development industry is nearing the ‘tipping point’ for SaaS adoption of CAD and data management tools. We look forward to empowering the customers we serve with the latest innovations to improve their competitive positions.”
“I’m very pleased to bring such an incredibly talented team of technical and business leaders into the company and look forward to taking our business to the next level of growth,” concluded Jim Heppelmann