PTC agrees to sell ThingWorx and Kepware businesses for $600 million in cash
PTC entered into an agreement on November 5, 2025 to sell its ThingWorx and Kepware businesses to Parrot US Buyer, L.P., an entity controlled by funds affiliated with TPG Global, for $600 million in cash plus assumed liabilities. The filing says the deal is part of portfolio simplification, and the closing depends on regulatory approvals and is not subject to a financing condition or PTC shareholder approval.
Key points
- Cash purchase price of $600 million, plus assumption of certain Business liabilities and contingent consideration of up to $125 million after a later sale by the buyer.
- Price is subject to adjustments for working capital, indebtedness, and a $35 million reduction if the Business does not meet certain financial metrics in the month before closing.
- Closing expected on the later of February 1, 2026 and the second business day after closing conditions are met, subject to HSR Act and foreign regulatory approvals.
- Either party may terminate if the deal is not completed by August 5, 2026, with that date extended to November 5, 2026 if only certain regulatory approvals remain outstanding.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 05, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.