ITC Infotech on Friday said it will acquire a portion of Nasdaq-listed PTC's product lifecycle management (PLM) implementation services business as part of a pact between the two firms to accelerate customer digital transformation initiatives.
Announcing expansion of their 20-year-old alliance, the two partners inked an agreement to accelerate customer digital transformation initiatives, focused on the adoption of PTC's 'Windchill' PLM software as a service (SaaS), ITC Infotech said in a statement.
With the acquisition, the company will create a new business unit of ITC Infotech, called DxP Services, which will combine PLM professional services experts from both firms into a unified team dedicated to creating, and jointly offering, the tooling and methodologies required to expedite a smooth transition to SaaS, it added.
However, the value of the acquisition was not disclosed.
''PTC and ITC Infotech have a proven and trusting alliance formed over 20 years working together for the benefit of our mutual customers. The creation of DxP Services will take our relationship to a whole new level and will enable PTC customers to transform the way they adopt technology in the distributed, secure, and agile workplace of the future,” ITC Infotech Managing Director and CEO Sudip Singh said.
PTC President & CEO Jim Heppelmann said, “Together with ITC Infotech, we are creating a specialized team to unlock the potential of our Windchill services business and accelerate manufacturers' ability to realize the benefits of SaaS, such as accessibility, security, and a lower total cost of ownership.” It has long been PTC's strategy to build a partner ecosystem that brings to bear the expertise and capacity of systems integrators to drive business transformation and technology adoption across the global customer base, he added.
“This new agreement with ITC Infotech will allow PTC to realign its own professional services experts to a unique thought leadership role in the industry in enabling digital transformation for industrial companies across engineering, manufacturing, and service,” Heppelmann said.
(With PTI inputs)