TPG (Nasda: TPG), through its private equity platform TPG Capital, has agreed to acquire PTC’s industrial connectivity and Internet of Things (IoT) businesses.
The transaction aims to provide the divested units—Kepware and ThingWorx—with capital and operational support to expand their market presence and meet evolving industrial data needs. The sale aligns with PTC’s strategic focus on core software segments, particularly as it increases investment in AI and SaaS-based offerings. Kepware delivers connectivity solutions that integrate industrial automation devices with enterprise applications, facilitating real-time data monitoring and control across sectors such as manufacturing, energy, and utilities. ThingWorx is a scalable IoT platform that supports device connectivity, data analytics, and remote management for industrial enterprises.
Centerview Partners served as exclusive financial advisor to PTC, with legal counsel from Simpson Thacher & Bartlett and Choate Hall & Stewart. TPG was advised by financial advisor Evercore, additional advisor Barclays, and legal advisor Ropes & Gray.