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PTC (NASDAQ: PTC) announced today it has entered into a definitive agreement to acquire Atego, a leading developer of model-based systems and software engineering applications based in the UK, for $50 million in cash. The transaction is expected to be completed in PTC’s fiscal fourth-quarter 2014, which begins in July. According to PTC’s press release, Atego had approximately $20 million in revenue over the course of the past 12 months, and the company expects it will achieve approximately $5 million in revenue from Atego in PTC’s fiscal fourth-quarter 2014.
Several recent acquisitions by PTC have targeted services lifecycle management (SLM). The combination of PTC’s SLM portfolio and their IOT capabilities through ThingsWorx provides an impressive depth and breadth of solutions for extending customer relationships post-deployment.
This newest addition of modeling tools from Atego strengthens PTC’s portfolio of product lifecycle management and application lifecycle management solutions and helps reinforce a systems engineering focus. Atego’s Model-Based Systems Engineering solutions connects requirements engineering, architecture modeling, physical product definition, and system verification functions.
Today’s smart, connected products depend on the tight integration of sophisticated components from multiple engineering domains, raising the value proposition of increased cross-discipline coordination and communication. The combination of Artisan Studio from Atego with their existing tooling portfolio enables PTC to offer solutions that help their customers increase efficiency and product standardization in embedded industries where increasingly connected products are created from systems of complex mechanical, electrical, and software systems.
Stay tuned here for further insight in the coming days.
By Patrick McGrath, (Research Assistant, M2M & Embedded Technology) and Andre' Girard (Senior Analysis, M2M & Embedded Software)