PTC Buys Onshape For About $470 Mln

(RTTNews) - PTC (PTC) Wednesday said it has agreed to buy Onshape for approximately $470 million in cash.

The acquisition is expected to accelerate PTC's ability to attract new customers with a SaaS-based product offering and position the company to capitalize on the inevitable industry transition to SaaS.

The company expects to close the deal in November 2019, pending regulatory approval and satisfaction of other closing conditions.

Located in Cambridge, MA, Onshape was founded in 2012 by Jon Hirschtick, John McEleney, and Dave Corcoran. Onshape has secured more than $150 million in funding from leading venture capital firms and has more than 5,000 subscribers around the world.

"PTC has earned a reputation for successfully pursuing new innovations that drive corporate growth," said Jim Heppelmann, president and CEO, PTC. "Building on the strong momentum we have with our on-premises CAD and PLM businesses, we look to our future and see a new growth play with SaaS."