Technology distributor PTC Inc. (Nasdaq: PTC) is buying software maker Kepware for up to $118 million. Financial deal terms call for the buyer to pay $100 million upfront, and up to another $18 million based on the target’s future performance.

Kepware develops software that is designed to improve communications in companies in the energy, manufacturing and industrial sectors. The target, founded in 1995 and based in Portland, Maine, has about $20 million in annual revenue.

“Kepware and PTC share a common vision of helping organizations realize the potential of the industrial Internet of Things,” says Kepware CEO Tony Paine. The acquisition follows up PTC’s purchase of technology company Vuforia.

In other recent technology deals, Evolve IP is adding APT Inc.; GTCR is buying Park Place Technologies; and ParkerGale completed its purchase of Aircraft Technical Publishers.

For more on how information technology is driving deals in the middle-market, see Cloud-Computing Will Keep the Deals Coming.

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