ITC Infotech announced on Thursday that it has raised $ 33 million from PTC under an agreement to acquire a substantial portion of the American company's product lifecycle management implementation services.
Under the agreement announced on April 22, ITC Infotech will acquire most of PTC's Product Lifecycle Management (PLM) Consulting and Professional Services business. In a statement, ITC Infotech also established a new business unit, DxP Services, which brought together PLM experts from both companies.
ITC Infotech said that the new DxP Services Business Unit will be headed by Patrick Bionducci, who previously headed PTC's global services business.
"As a trusted priority partner, ITC Infotech will work with PTC to develop collaborative products to accelerate our customers' digital transformation initiatives," it added. Thousands of PTC customer systems are expected to move to the cloud as part of the multi-year roadmap for its new business units.
With this transaction, ITC Infotech will also increase its presence in Austria, Brazil, Canada, Denmark, France, Germany, Italy, the Netherlands, Poland, Romania, Sweden, Switzerland, the United Kingdom, and the United States, and would be among major SaaS system integrators worldwide.