PTC announced that it has completed its acquisition of Onshape, developer of the Onshape Software as a Service (SaaS) product development platform that unites robust computer aided design (CAD) software with data management and collaboration tools. The acquisition positions PTC to capitalize on the inevitable industry transition to SaaS.
Onshape will operate as a SaaS business unit within PTC with Jon Hirschtick, president of Onshape, reporting directly to Jim Heppelmann, president and CEO of PTC. Barclays acted as exclusive financial advisor to PTC on the transaction.
The SaaS model, while nascent in the CAD and product lifecycle management (PLM) markets, is rapidly becoming industry best practice across most other software domains.
IDC's research shows manufacturers are looking to the cloud to support specific innovation-related processes such as design review, supplier collaboration, quality management, and service execution.
Located in Cambridge, Massachusetts, Onshape was founded in 2012 by CAD pioneers and tech legends, including Jon Hirschtick, John McEleney, and Dave Corcoran, inventors and former executives of SolidWorks. Onshape has secured more than $150 million in funding from leading venture capital firms and has more than 5,000 subscribers around the world.
The company’s software offering is delivered in a SaaS model, making it accessible from any connected location or device, eliminating the need for costly hardware and administrative staff to maintain.
Distributed and mobile teams of designers, engineers and others can benefit from the product’s cloud nature, enabling them to improve collaboration, and reduce the time needed to bring new products to market – while simultaneously staying current with the latest software.
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