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.

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