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TPG's Acquisition of PTC's Industrial Connectivity and IoT Businesses

On November 5, 2025, TPG, a prominent global alternative asset management firm, confirmed a definitive agreement to acquire PTC's industrial connectivity and Internet of Things (IoT) businesses, specifically the Kepware and ThingWorx platforms. This strategic move is expected to significantly bolster growth in manufacturing connectivity and data management solutions.

The Deal's Implications

This acquisition not only marks a major transition for PTC, a software company focused on digital transformation in manufacturing but also emphasizes TPG's intent to enhance the operational capabilities of these businesses. TPG plans to invest through its TPG Capital platform, concentrating on leveraging the capital and expertise necessary to scale these offerings effectively.

Neil Barua, President and CEO of PTC, expressed his enthusiasm regarding the agreement, stating, "We are excited about this partnership with TPG as we refine our focus on our Intelligent Product Lifecycle vision catered to our clients via our core offerings in CAD, PLM, ALM, and SLM, augmented by AI and SaaS adoption."

According to Barua, the acquisition will allow PTC to concentrate on its primary business segments while providing Kepware and ThingWorx with the necessary tools for sustainable growth, ultimately better serving their clients' evolving needs.

TPG's Vision for the Future

Art Heidrich, a TPG Partner, underscored the importance of this acquisition by noting the emerging opportunities in manufacturing, driven by technological advancements that bridge operational technology and information technology. The acquisition aligns with TPG's focus on progressive investment solutions designed to catalyze industrial innovation.

Kepware serves as a vital communication platform, enhancing connectivity between industrial automation devices and applications. It simplifies data collection, monitoring, and control across various industries, including manufacturing, oil and gas, and utilities. In parallel, ThingWorx delivers a comprehensive IoT platform that connects systems, analyzes data, and allows for secure and scalable remote management of devices—a crucial component in today's data-driven industrial environment.

Closing Timeline

The transaction is anticipated to close in the first half of the fiscal year 2026, contingent upon fulfilling regulatory approvals and other necessary conditions. The collaboration also involves partnerships with various legal and financial advisors, with Centerview Partners acting as PTC's exclusive financial advisor and Evercore serving as the lead financial advisor to TPG, supported by additional financial advisory from Barclays.

About PTC

PTC, listed on NASDAQ as PTC, is dedicated to helping manufacturers digitally transform their product design, manufacturing, and servicing processes. Established in Boston, Massachusetts, the company serves over 30,000 clients worldwide and has a robust workforce of over 7,000 professionals, all aiming to advance industrial innovation.

About TPG

Founded in San Francisco in 1992, TPG boasts $286 billion in assets under management, showcasing a diverse investment strategy encompassing private equity, impact investing, credit, real estate, and more. The firm's collaborative and inclusive approach aims to leverage unique insights and capabilities, driving value for investors and portfolio companies alike.

As TPG prepares to integrate Kepware and ThingWorx into its portfolio, this strategic acquisition reaffirms its commitment to advancing technological synergies that can reshape the manufacturing landscape, fostering a more connected and data-driven industrial future.