PTC buys into Internet of Things with ThingWorx acquisition

PTC has acquired ThingWorx, creators of a platform for building and running applications for the Internet of Things (IoT), for approximately $112m, plus a possible earn-out of up to $18m.

The ThingWorx acquisition extends PTC’s strategy by accelerating its ability to support manufacturers seeking competitive advantage as they create and service smart, connected products.

As part of PTC, ThingWorx will continue to help customers in industries seeking to leverage the IoT, including telecommunications, utilities, medical devices, agriculture, and transportation.

According to the report Disruptive technologies: Advances that will transform life, business, and the global economy from the McKinsey Global Institute, the Internet of Things has the potential to create economic impact of $2.7 trillion to $6.2 trillion annually by 2025.

The firm believes perhaps 80 to 100 per cent of all manufacturing could be using Internet of Things applications by then, leading to potential economic impact of $900bn to $2.3bn.