BOSTON, MA; SAN FRANCISCO, CA and FORT WORTH, TX, Nov 7, 2025 – TPG will acquire PTC’s Kepware and ThingWorx businesses, expanding its position in industrial connectivity and Internet of Things (IoT).
The acquisition will provide new funding to expand industrial connectivity and data management capabilities. TPG will make the investment through TPG Capital, its U.S. and European private equity platform.
“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,” said Neil Barua, president and CEO, PTC. “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.”
Barua continued, “Kepware and ThingWorx are leading products, and we are 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. We look forward to continuing to work with these businesses as they scale and evolve under TPG’s ownership.”
“There is a generational opportunity to evolve and progress manufacturing through solutions that bridge the gap between operational and information technology,” said Art Heidrich, partner at TPG. “Kepware and ThingWorx are driving the digital transformation of the shop floor, helping customers manage and improve their production processes. We are excited to partner with PTC and look forward to supporting the next chapter of growth for these software platforms.”
Kepware facilitates connectivity between automation devices and applications, enabling data exchange across sectors such as manufacturing, oil and gas, and utilities. It helps organizations collect, monitor, and control data from multiple sources through a unified platform. ThingWorx is an IoT platform that connects systems, analyzes data, and enables remote device management through a secure and scalable architecture.
The transaction is expected to close in the first half of 2026.
Advisors
Centerview Partners is serving as the financial advisor to PTC, with Simpson Thacher & Bartlett LLP and Choate Hall & Stewart LLP providing legal counsel.
Evercore is the lead financial advisor to TPG, with Barclays also serving as financial advisor. Ropes & Gray LLP is providing legal counsel to TPG.
Source: PTC
About PTC
PTC Inc., founded in 1985 and based in Boston, develops software for digital transformation across industries. Its offerings include product lifecycle management, computer-aided design, the industrial internet of things, and augmented reality. These tools support product design, manufacturing and service operations. PTC serves sectors such as aerospace, automotive, electronics and industrial equipment. Its software is used by more than 30,000 customers globally, including 95% of Fortune 500 discrete manufacturers. With approximately 7,500 employees worldwide, the company continues to grow through a subscription-based model, focusing on enabling efficient, digital product innovation.
About TPG
TPG Inc., headquartered in San Francisco, CA, is a global alternative asset management firm founded in 1992. The company operates across private equity, credit, real estate, and growth capital strategies. It invests in industries including technology, healthcare, consumer and retail, industrials, and media and telecommunications. As of late 2025, TPG manages more than $246B in assets and reported about $3.5B in annual revenue in 2024.