TPG to Acquire PTC’s Kepware and ThingWorx Businesses

Sale of Kepware and ThingWorx businesses enables PTC to focus on its Intelligent Product Lifecycle vision; the transaction will provide the businesses with additional resources for growth.

PTC and TPG, a global alternative asset management firm, announced a definitive agreement under which TPG will acquire PTC’s Kepware^® industrial connectivity and ThingWorx^® Internet of Things (IoT) businesses. The transaction will provide the businesses with additional capital and expertise to further accelerate growth and address the evolving connectivity and data needs of manufacturing organizations. TPG will invest in the businesses through TPG Capital, its US and European private equity platform.

Kepware facilitates connectivity between industrial automation devices and applications, enabling data exchange and integration across industries such as manufacturing, oil and gas, and utilities. ThingWorx serves as a comprehensive IoT platform for industrial enterprises, connecting systems, analyzing data, and enabling secure, scalable remote management of devices. The sale enables PTC to further strengthen its focus on delivering its Intelligent Product Lifecycle vision through its core CAD, PLM, ALM, and SLM offerings, supported by continued adoption of AI and SaaS technologies, while providing the acquired businesses with additional capital and expertise to support their growth under TPG Capital.

Craig Resnick, Vice President at ARC Advisory Group, said, “By bringing together TPG’s acquisitions of major industrial connectivity and IoT brands Kepware and ThingWorx with its recent purchase of Proficy, GE Vernova’s manufacturing software business, TPG is building a formidable industrial software portfolio. This strong combination provides manufacturers, processors, and OEMs with the flexibility to create integrated platforms built on proven solutions with extensive installed bases, unlocking new opportunities for innovation and operational excellence as AI continues to reshape the industrial landscape.”

The transaction is expected to close in the first half of calendar year 2026, subject to regulatory approvals and other customary closing conditions.

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