ITC Infotech has acquired a part of Nasdaq-listed PTC product lifecycle management (PLM) consulting and professional services business, including about 160 PLM consultants and services experts, and created a new business unit, DxP Services, which will house the PLM professionals of both companies.
The overall commitments of ITC Infotech was estimated at about $115 million, of which $33 million in cash will go to PTC at the closing of the transaction, with the remainder consisting of a mix of committed and contingent items deliverable over a period of five years, in accordance with the terms of the agreement.
The new business unit within ITC Infotech is led by Patrick Bionducci, who previously helmed PTC’s global services business. ITC Infotech will collaborate with PTC to develop joint offerings for customer digital transformation initiatives, focused on the adoption of PTC’s Windchill PLM software-as-a-service (SaaS) offering.
Thousands of PTC customer systems are expected to be converted to the cloud as part of the multi-year roadmap for the new business unit. To ensure consistency and accuracy, professionals from both companies are being pooled into a unified global practice to accelerate the adoption of PTC’s next-generation PLM solutions.
DxP Services represents one of the largest organisations of Windchill professional services expertise in the industry. With this transaction, ITC Infotech has deepened its presence in Austria, Brazil, Canada, Denmark, France, Germany, Italy, the Netherlands, Poland, Romania, Sweden, Switzerland, the UK , and the US, and envisions becoming a leading SaaS systems integrator globally.
The deal is part of Chairman Sanjiv Puri’s ‘ITC Next’ strategy, which focuses on identifying new areas of growth and competitiveness.
Published on
June 02, 2022
