PTC to Sell Kepware and ThingWorx Industrial Connectivity and IoT Businesses to TPG

Simpson Thacher represented PTC Inc. in the announced transaction with TPG. The transaction involves PTC’s sale of its Kepware industrial connectivity and ThingWorx Internet of Things businesses to TPG for total consideration of $600 million in cash, subject to certain adjustments, together with the right to contingent consideration of up to $125 million in certain circumstances. The parties expect the transaction to close in the first half of 2026, subject to the satisfaction of regulatory approvals and customary closing conditions. PTC is a global software company that enables manufacturers and product companies to digitally transform how they design, manufacture and service physical products. TPG is a global alternative asset management firm founded in San Francisco, with investment and operational teams around the world. Simpson Thacher represented PTC Inc. with a team composed by: Jakob Rendtorff, Eric Swedenburg, William Lay, Matt Suhosky and Ellen Gao (M&A); Lori Lesser, Jamie Talbot, Christine Song, Chandler Gerard-Reimer and Christian Bond (Intellectual Property); Tristan Brown, Laura Gallo, Daniella Villatoro and Skyler Kanfer (Executive Compensation and Employee Benefits); Sophie Staples, Alec Jarvis, Andrew Mandelbaum and Angela Sbano (Tax); Christopher Brown, Cem Islikci, Alexandra Cullen and Celeste Fleetwood (Credit); Sunny Cheong and Joseph Hahn (Capital Markets); Krista McManus (Real Estate); and Steven DeLott (Insurance).

PTC to Sell Kepware and ThingWorx Industrial Connectivity and IoT Businesses to TPG

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