PTC (NASDAQ: PTC), a Boston, MA-based computer software and services company is to acquire Onshape, a Cambridge, MA-based SaaS based product development platform provider, for approximately $470M.
The acquisition is expected to accelerate the company’s ability to attract new customers with a SaaS-based product offering and position the company to capitalize on the industry transition to SaaS.
Pending regulatory approval and satisfaction of other closing conditions, the transaction is expected to be completed in November 2019.
Onshape will operate as a business unit within PTC, with current management reporting directly to President and CEO Jim Heppelmann.
Founded in 2012 by Jon Hirschtick, John McEleney, and Dave Corcoran, inventors and former executives of SolidWorks, Onshape is the creator of a Software as a Service (SaaS) product development platform that unites computer aided design (CAD) with data management and collaboration tools.
The company has secured more than $150m in funding from venture capital firms and has more than 5,000 subscribers around the world.
Led by Jim Heppelmann, president and CEO, PTC provides solutions that enable companies to design, manufacture, operate, and service things for a connected world.