Schneider Electric has announced its intent to acquire PTC for $23.7 billion in an all-cash transaction. The deal values PTC shares at $205, which represents a 42.3% premium over the company's last closing price.
PTC specializes in engineering software, including the Creo design application, Mathcad for technical calculations, and Codebeamer for software development. Its portfolio also includes Orbit, a tool for monitoring industrial equipment health and managing spare parts.
Schneider Electric currently focuses on hardware management software for utilities, data centers, and manufacturing optimization. By integrating PTC, the company aims to cover the entire lifecycle of industrial equipment from design to operation.
The French corporation anticipates achieving €800 million in annual revenue synergies within three years following the deal's completion. Additionally, the company expects to realize €250 million in annual cost savings.
