PTC’s Kepware and ThingWorx businesses
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PTC’s Kepware and ThingWorx businesses - overview
Location
Boston, MA, US
Primary Industry
Software
About
Founded in Massachusetts, US PTC’s Kepware and ThingWorx businesses software platforms that enable connectivity, data integration, and IoT-driven insights for manufacturing and industrial enterprises. In November 2025, TPG agreed to acquire PTC’s Kepware industrial connectivity and ThingWorx Internet of Things (IoT) businesses from PTC Inc. for USD 600 million. The transaction is expected to close in the first half of calendar year 2026, subject to the satisfaction of regulatory approvals and other closing conditions The company offers industrial connectivity solutions that enable seamless data exchange between diverse automation devices and enterprise systems.
Its technology simplifies the collection, monitoring, and control of data from multiple sources, ensuring interoperability across complex industrial environments. ThingWorx provides a full-stack IoT platform that supports device connectivity, real-time analytics, and remote management. The platforms deliver capabilities such as predictive maintenance, production optimization, and secure data integration, enabling manufacturers to improve operational performance and reduce downtime.
Primary Industry
Software
Sub Industries
Web Applications, Analytics & Performance Software, Application Integration Software, Monitoring & Security Software, Operating Systems (OS)
Verticals
Cloud Computing, IoT (Internet of Things)
Total Amount Raised
Subscriber access only
PTC’s Kepware and ThingWorx businesses - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Corporate Carve Out, LP Direct | Announced | PTC’s Kepware and ThingWorx businesses | - |
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