PTC is a technology transforming organization which specializes in unleashing industrial innovation with award-winning, market-proven solutions that enable companies to differentiate their products and services, improve operational excellence, and also increase workforce productivity.
The organization recently announced the completion of its acquisition agreement on Onshape, thereby increasing its chances at capitalizing on the inevitable industry transition to SaaS.
According to Jim Heppelmann, who is the president and CEO of PTC, “We expect our acquisition of Onshape will enhance the momentum we’re seeing with our Creoand Windchill products. We now have the full portfolio to meet customers wherever they are, be it on-premises or with a full SaaS model in the cloud.”
Onshape is the developer of the OnshapeSoftware as a Service (SaaS) product development platform which serves to combine robust computer aided design (CAD) software with powerful data management and collaboration tools. Resulting from this acquisition, Onshape’s president Jon Hirschtick, will be required to report directly, as a SaaS business unit, to the president and CEO of PTC, Jim Heppelmann.
“Based on the successful approach we took with our ThingWorx Internet of Things and VuforiaAugmented Reality platforms, we expect the increased investment and market reach that PTC brings to Onshape will lead to an even stronger position in the high-growth SaaS market. We also intend to integrate breakthrough capabilities, such as our recently acquired Frustumgenerative design technology, into Onshape, to further advance PTC’s position as the market transitions to the SaaS model,” added Heppelmann.
The SaaS model is gradually taking over the industry as the best model practice, even among many other business practice. It has also been shown that many businesses are looking to support specific innovation-related processes such as design review, supplier collaboration, quality management, and service execution. This acquisition will therefore strategically position PTC at the top of this operation.