PTC To Acquire Atego For About $50 Mln In Cash - Quick Facts

(RTTNews) - PTC Inc. (PTC) announced Monday that it agreed to acquire Atego, a developer of model-based systems and software engineering applications based in Cheltenham, UK, for approximately $50 million in cash.

The transaction is expected to be completed in PTC's fiscal fourth-quarter of 2014.

The acquisition enhances PTC's portfolio of product lifecycle management or PLM and application lifecycle management (ALM) solutions, and strengthens PTC's commitment to supporting its customers' systems engineering initiatives with powerful modeling capabilities.

Over the past 12 months, Atego achieved approximately $20 million in revenue. Based on the expected closing of the acquisition, PTC expects to realize approximately $5 million in revenue from the Atego business in fiscal fourth-quarter 2014. For fiscal year 2014, the acquisition is expected to be neutral to PTC's non-GAAP earnings per share.