Technology company PTC has announced it had signed a definitive agreement to acquire Kepware, a software development company that providesdcommunications connectivity to industrial automation environments, for approximately US $100 million, plus up to an additional $18 million based on achievement of certain strategic initiatives and financial results.
The acquisition will enhance PTC’s portfolio of Internet of Things (IoT) technology, and accelerate the company’s entry into the factory setting and Industrial IoT (IIoT), the company said.
Founded in 1995 and located in Portland, Maine, Kepware serves customers in more than 120 countries in such industries as manufacturing, oil and gas, building automation, and power and utilities. The company’s flagship product, KEPServerEX, connects disparate devices and control systems, providing users with a single source of industrial data.
Kepware and PTC shared many common customers that will be able to realize value from the acquisition.
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Image Credit: PTC