It also fits with PTC’s evolution to a recurring revenue business model. The acquisition will enable PTC to attract new customers with a SaaS-based product offering and position it to capitalize on the transition to SaaS. Onshape will operate as a business unit within PTC, with current management reporting to Heppelmann. The acquisition is worth a whopping $470 million, net of cash acquired. The acquisition, which was announced last week (October 23) and is expected to be completed in November 2019, is currently pending regulatory approval and satisfaction of other closing conditions. The benefit is distributed and mobile teams can use the cloud to improve collaboration and reduce the time needed to bring new products to market. The SaaS platform makes the information accessible from any location. Onshape has received more than $150 million in funding from venture capital firms and has more than 5,000 subscribers. In what will be the biggest acquisition to date for PTC, President and CEO Jim Heppelmann announced the company has signed an agreement to acquire Onshape, which creates a SaaS (software-as-a-service) product development platform combining CAD (computer-aided design) with data management and collaboration.
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