Fort Worth- and San Francisco-based TPG is acquiring Boston-based PTC’s (NASDAQ: PTC) Kepware industrial connectivity and ThingWorx Internet of Things (IoT) businesses, investing in the businesses via TPG Capital, the firm’s U.S. and European private equity platform.
The transaction aims to provide the businesses with additional capital and expertise to accelerate growth and further their leadership to meet the evolving connectivity and data needs of manufacturing organizations.
Terms of the deal were not disclosed.
“There is a generational opportunity to evolve and progress manufacturing through solutions that bridge the gap between operational and information technology,” TPG Partner Art Heidrich said in a statement. “Kepware and ThingWorx are driving the digital transformation of the shop floor, helping customers manage and improve their production processes. We’re excited to partner with PTC and look forward to supporting the next chapter of growth for these software platforms.”
Kepware facilitates connectivity between industrial automation devices and applications, TPG said, acting as a communication platform that enables data exchange and integration across a diverse range of industries including manufacturing, oil and gas, and utilities to simplify the process of collecting, monitoring, and controlling data from multiple sources. ThingWorx is a comprehensive IoT platform for industrial enterprises that connects systems, analyzes data, and enables the remote management of devices through a secure and scalable architecture.
Aiming to ‘transform each stage of the product lifecycle’
“We’re pleased to reach this agreement with TPG as we increase our focus on delivering our Intelligent Product Lifecycle vision for customers through our core CAD, PLM, ALM, and SLM offerings and the ongoing adoption of AI and SaaS,” PTC President and CEO Neil Barua said in a statement. “With our resources and investments concentrated in these areas, we are confident we can help our customers address their most pressing challenges by enabling them to fully leverage the value of their product data and to transform each stage of the product lifecycle.”
“Kepware and ThingWorx are leading products, and we’re pleased that they are gaining an outstanding partner in TPG that is committed to their future growth and to meeting the evolving needs of customers,” Barua added. “We look forward to continuing to work with these businesses as they scale and evolve under TPG’s ownership.”
The deal is expected to close in the first half of 2026.
Centerview Partners is serving as exclusive financial advisor, and Simpson Thacher & Bartlett LLP and Choate Hall & Stewart LLP are serving as legal advisors to PTC in connection with the sale.
Evercore is serving as lead financial advisor to TPG, and Barclays is also serving as financial advisor. Ropes & Gray LLP is serving as legal advisor to TPG.
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