PTC Inc. (formerly Parametric Technology Corporation) is an American computer software and services company founded in 1985 and headquartered in Boston, Massachusetts. The global technology company has over 6,000 employees across 80 offices in 30 countries, 1,150 technology partners and over $1bn in revenue. The company began developing parametric, associative feature-based, solid computer-aided design (CAD) modeling software in 1988, including an Internet-based product for product lifecycle management (PLM) in 1998.
|Formerly||Parametric Technology Corporation|
|Industry||CAD/CAM/CAE/ PLM Software/ ALM/ SLM/ IOT|
|Headquarters||Boston, Massachusetts, United States|
|Robert P. Schechter (Chairman)|
James E. Heppelmann (President & CEO)
|Products||PTC Creo, PTC Windchill, PTC Mathcad, PTC Integrity, PTC Servigistics, PTC Arbortext, ThingWorx, Onshape|
|Revenue||US$1.81 billion (2021)|
|US$381 million (2021)|
|US$477 million (2021)|
|Total assets||US$4.51 billion (2021)|
|Total equity||US$2.04 billion (2021)|
|Owner||Rockwell Automation (8.98%)|
Number of employees
Russian immigrant and mathematician Samuel P. Geisberg worked at software-design providers Applicon and Computervision prior to forming Parametric Technology Corporation in May 1985. In 1988, the company unveiled its first Unix-based commercial product called Pro/ENGINEER and soon-after landed John Deere as its first customer. Pro/ENGINEER was the first parametric, feature-based solids modeling CAD software. Pro/ENGINEER could recognize a change in a single variable of a design and adjust the rest of the model accordingly.
Parametric's revenue grew quickly from $3 million in 1988 to $45 million in 1991. The company went public in 1989 with symbol PMTC. In 1992 IndustryWeek named Pro/ENGINEER 'Technology of the Year'. It made the Fortune 500 in 1995 and exceeded $800 million in revenue in 1997. The company made a few acquisitions in the 1990s including CDRS and 3DPaint products from Evans & Sutherland, Rasna Corp., Reflex and DivisionGroup.
In 1998, Parametric acquired the company (Computervision) its founder Geisberg had previously worked for. The company consequently acquired Computervision subsidiaries including Windchill Technology, a Minnesota-based startup co-founded by PTC CEO, James Heppelmann. Later that year, Parametric released its internet-based Windchill Product Lifecycle Management (PLM).
In the 2000s, Parametric developed lifecycle management software for products, assets, applications, processes and services through acquiring several companies including Polyplan Technologies, Arbortext, Aptavis Technologies Corp. (Retail PLM), NetRegulus, Synapsis Technology, Relex Software and Planet Metrics. It also made a few CAD-related acquisitions including Cadtrain, NC Graphics, Mathsoft (developers of Mathcad), ITEDO Software GmbH and CoCreate.
In 2004 the company announced plans "to simplify its product management applications."
On October 1, 2010, James Heppelmann assumed the role of president and chief executive officer of Parametric. The company renamed its initial CAD product Pro/ENGINEER to PTC Creo. The company officially changed its legal name ‘Parametric Technology Corporation’ to PTC Inc and its NASDAQ ticker to PTC from PMTC in 2013. PTC continued to acquire CAD and PLM-related companies including MKS Software, 4CS Software Solutions, Servigistics, Enigma, NetIDEAS, Atego and Plugin76. In December 2013, the company made its preliminary Internet of Things acquisition with the $112m takeover ThingWorx. PTC continued to acquire IoT companies with the acquisition of IoT connectivity management provider Axeda Corporation for $170m in August 2014, IoT predictive analytics company Coldlight for $105m in May 2015 and industrial connectivity provider Kepware for $100m in January 2016. The company made its initial outside investment into the Augmented Reality space with the acquisition of Vuforia from Qualcomm in November 2015 and then acquired Waypoint Labs in April 2018.
Rockwell Automation made a $1bn equity investment in PTC acquiring 8.4% ownership stake in PTC on June 11, 2018. PTC also announced major strategic partnerships with ANSYS and Microsoft in 2018.
- 1985 - Company founded by Samuel Geisberg, formerly from Prime Computer, Computervision, and Applicon.
- 1988 - Steve Walske named CEO. Company shipped Pro/ENGINEER and was considered first to market with parametric modeling design software. This positions PTC as a leader in the CAD industry until the mid-1990s when a new generation of low-cost competitors arrive in the market.
- 1989 - Initial public offering.
- 1992 - Caterpillar Inc. becomes PTC's largest customer.
- 1995 - Rasna, which "develops, markets and supports the Mechanica family of integrated software products for mechanical design."
- 1996 - PTC acquires Reflex project modeling and management software technology sold the following year to the Beck Group.
- 1998 - Windchill released for product lifecycle management (PLM). PTC acquired Computervision Corp.
- 1999 - Industries include aerospace, retail/footwear/apparel, automotive, industrial equipment, consumer products, electronics, and high tech.
- 1999 - Acquired Division Group (Division Ltd, Bristol Uk, Division Inc) virtual reality head mounted display amd software
- 2002 - The company released Pro/ENGINEER Wildfire. This is the first CAD system to support web-based services.
- 2004 - Acquired OHIO Design Automation. ECAD domain knowledge purchase resulting in what is currently Creo View ECAD.
- 2005 - Acquired Arbortext for technical publishing technology. Acquired Aptavis for retail, footwear and apparel technology.
- 2006 - Acquired Mathsoft for its engineering calculation software. Acquired ITEDO for its 3D technical illustration software.
- 2007 - Acquired CoCreate for its direct modeling technology.
- 2008 - Acquired Synapsis for its performance analytics technology to improve environmental performance of products.
- 2009 - Acquired Relex Software for its reliability engineering software.
- 2010 - James E. Heppelmann announced as CEO effective October 1, 2010. Company renames Pro/ENGINEER to PTC Creo.
- 2011 - Acquired 4CS for its warranty, service, support and service parts technology. Acquired MKS for its application lifecycle management technology for all software development processes.
- 2012 - Acquired Servigistics for its suite of service lifecycle management software.
- 2013 - Acquired NetIDEAS hosting vendor for more technology deployment options. Acquired Enigma for its ability to deliver technical content to aftermarket service environments.
- 2013 - Acquired Internet of Things platform developer ThingWorx for their software applications that connect and track network-enabled products.
- 2013 - Acquired ThingWorx, the Exton, Pennsylvania-based creators of an award-winning platform for building and running applications for the Internet of Things (IoT).
- 2013 - The company changed its legal name from Parametric Technology Corporation to PTC Inc.
- 2013 - The company changed its NASDAQ ticker symbol to "PTC" from "PMTC".
- 2014 - Acquired Axeda Corporation.
- 2014 - Acquired ATEGO Software, a MBSE (model-based systems engineering) tool used in aerospace, transportation, and automotive industries (such as Alstom Transport and Rolls-Royce Defence).
- 2015 - Acquired the Vuforia business from Qualcomm Connected Experiences, Inc., a subsidiary of Qualcomm Incorporated. The Vuforia platform is an augmented reality (AR) technology platform.
- 2015 - Acquired Kepware Technologies, a software development company that provides communications connectivity to industrial automation environments.
- 2018 - Acquired Waypoint Labs, a startup out of MIT / Harvard that allows frontline experts to capture and transfer knowledge using augmented reality
- 2018 - Acquired Frustum, a generative design software company which takes advantage of artificial intelligence.
- 2019 - Acquired Twnkls, a Netherlands-based augmented reality services company. 
- 2019 - Signed Agreement to Acquire Onshape.
- 2020 - Signed Agreement to Acquire Arena Software.
- 2022 - Acquired Intland Software for $280 million
PTC has divisions for different product segments.
Internet of ThingsEdit
PTC's augmented reality offerings use the Vuforia brand.
The PTC Creo suite includes product design and engineering software. Creo runs on Microsoft Windows and provides apps for 3D CAD parametric feature solid modeling, 3D direct modeling, 2D orthographic views, Finite Element Analysis and simulation, schematic design, technical illustrations, and viewing and visualization. Creo integrates with PTC's other product development offerings, including Windchill, Mathcad, and Arbortext. Mathcad is used to solve, analyze, and share engineering calculations.
The PTC CAD product provides computer aided design capabilities. PTC CAD is a suite of 2D and 3D product design software used to create, analyze and view product designs. PTC Creo software was released in June 2011 to replace and supersede PTC's products formerly known as Pro/ENGINEER, CoCreate, and ProductView. O
Engineering calculation software that is used by engineers to solve, document and share the calculations used for product design.
Service lifecycle management (SLM) software is used by manufacturers to understand how service planning, customer service, and analysis of returned product data can improve service value over a product's life. The Servigistics product integrates service planning, delivery and analysis to optimize service outcomes by providing a single view of service.
Kepware software, primarily KEPServerEX, is a connectivity platform industrial automation endpoints. The software enables users to connect, manage, monitor, and control heterogeneous devices.
PTC president and CEO James (Jim) Hepplemann contributed to Harvard Business Review reports in 2014, 2015, and 2017. In September 2017, PTC announced plans to move headquarters from Needham, Massachusetts to Boston's Seaport District in January 2019.
- "2021 Annual Report". U.S. Securities and Exchange Commission. November 22, 2021.
- "PTC 2021 proxy statement". U.S. Securities and Exchange Commission. Retrieved January 5, 2022.
- "Parametric Shares Drop After Revenue Changes". The New York Times. January 3, 2003.
- PTC 2019 Annual Report at the Wayback Machine (archived 6 August 2020)
- Nancy O. Perry. "Unparalleled Parametric". Harvard Business Review.
- Andrew Baxter (November 3, 2004). "Drawing up strength for a new industrial revolution". Financial Times.
- "Hosted PTC Windchill ProjectLink Service Yields Benefits at Pitney Bowes". May 23, 2006.
- "Professional Services" "Company Information". The New York Times. November 6, 2020. Retrieved November 8, 2020.
- Glenn Rifkin (June 18, 1992). "Designing Tools For the Designers". The New York Times.
- John Teresko. "Parametric Technology Corp". IndustryWeek. Archived from the original on February 2, 2014. Retrieved January 21, 2014.
- "Parametric to pay $180 million in stock for Rasna". The New York Times. May 31, 1995.
- "Parametric Distributes Patch To Correct Flaw". The New York Times. December 24, 2003.
- Jaikumar Vijayan (January 26, 2004). "Parametric tries to simplify its product management applications". Computerworld.
- "Forbes Profile: Steve Walske". Forbes. Archived from the original on February 25, 2013. Retrieved January 21, 2014.
- "CAD software - history of CAD CAM". CADAZZ. Retrieved January 21, 2014.
- Weisberg, David E. (2008). The Engineering Design Revolution: The People, Companies and Computer Systems That Changed Forever the Practice of Engineering (PDF).
- "Parametric Technology Corporation (PMTC)". Investor Village. Retrieved January 21, 2014.
- Parametric Technology Corporation acquires object-oriented software technology for project modeling and management at the Wayback Machine (archived 27 January 2019)
- "Parametric Technology Reports Fiscal 1999 Second Quarter Results". Archived from the original on February 1, 2014. Retrieved January 21, 2014.
- "PTC History and Acquisitions". PTC: Product & Service Advantage. Retrieved June 13, 2015.
- Hargreaves, Martin (June 7, 2013). "Virtual Reality: 1993 and 2013 Comparison between 1993 Division dVisor and 3D Mouse vs 2013 Oculus Rift and Razer Hydra". medium.com. Retrieved June 13, 2015.
- "PTC Announces Intent To Acquire Division Group plc More information about Division Group plc can be found at www.Division.com". wayback machine. Archived from the original on June 28, 2015. Retrieved June 13, 2015.
- "Division Inc......+1.650.312.8200......www.division.com......email@example.com Division Ltd......+44.1454.615554......www.division.co.uk......firstname.lastname@example.org". wayback machine. Archived from the original on February 3, 1998. Retrieved June 13, 2015.
- "PTC's Pro/ENGINEER(R) Wildfire(TM) Delivers Industry's Best Platform For Product Development". Retrieved January 21, 2014.
- "Parametric To Buy Ohio Design Automation". Information Week. April 8, 2004.
- "PTC Acquires OHIO Design Automation, Inc". PTC.com. Retrieved February 19, 2020.
- "PTC Forays Into Publishing". Cadalyst. Retrieved January 21, 2014.
- "PTC Buys Aptavis, Grows PLM For Retail, Apparel Firms". Aroq Ltd. Retrieved January 21, 2014.
- "Mathsoft Buy Will Enhance PTC's Analytical Capabilities". Gartner. Archived from the original on February 1, 2014. Retrieved January 21, 2014.
- Ferris, Sara. "PTC Acquires ITEDO, IsoDraw Products". Cadalyst. Retrieved January 21, 2014.
- Rowe, Jeff. "PTC Completes CoCreate Acquisition". MCADCafe. Retrieved January 21, 2014.
- Halpern, Marc. "PTC's Acquisition of Synapsis Accelerates Green PLM Trend". Gartner. Retrieved January 21, 2014.
- Shelley, Tom. "Acquisition boosts design reliability". Eureka Magazine. Retrieved January 21, 2014.
- "James Heppelmann assumes Role of CEO at PTC". CXO Today. Archived from the original on December 21, 2016. Retrieved January 21, 2014.
- Hand, Randall (October 28, 2010). "PTC Renames Pro/ENGINEER to Creo Design Software". VizWorld. Retrieved January 21, 2014.
- Brown, Rodney. "PTC picks up warranty and service software firm 4CS". Boston Journal. Retrieved January 21, 2014.
- Wong, Kenneth. "PTC Buys MKS, Adds System and Software Management to PLM". Desktop Engineering. Retrieved January 21, 2014.
- Barkai, Joe. "PTC Acquires Servigistics -- Strengthens Position in Service Lifecycle Management". IDC. Retrieved January 21, 2014.
- Resende, Patricia. "Post restructuring, PTC buys longtime partner NetIDEAS". Boston Journal. Retrieved January 21, 2014.
- Reidy, Chris. "PTC buys Enigma to enhance its service lifecycle management portfolio". Boston Globe. Retrieved January 21, 2014.
- Ogewell, Verdi. "Why PTC acquired ThingWorx". Engineering.com. Retrieved January 21, 2014.
- "PTC Updates Name to Reflect Expanded Scope and Vision". PTC. Retrieved August 11, 2018.
- "PTC to Change Stock Ticker Symbol to "PTC"". PTC. Retrieved August 11, 2018.
- Collinsworth, Troy. "PTC acquires Axeda". PTC. Archived from the original on July 29, 2014. Retrieved August 1, 2014.
- Collinsworth, Troy. "PTC acquires ATEGO". PTC. Retrieved June 26, 2014.
- "Acquisition". WAYPOINT. Retrieved April 28, 2019.
- "PTC acquires Frustum". PTC. Retrieved July 31, 2019.
- "PTC Supercharges Vuforia Augmented Reality Platform with New Technology, Acquisition, Customers, and Collaborations". PTC. Retrieved September 10, 2020.
- "PTC to acquire Onshape". PTC. Retrieved October 23, 2019.
- Lucia Maffei (April 20, 2022). "PTC to buy fellow software maker for $280M". Boston Business Journal. Retrieved April 22, 2022.
- "PTC Inc". Bloomberg Markets. Retrieved September 4, 2021.
- "In Focus: Document Automation Requires More Than Scanning". Information Week. June 26, 2006.
- "PTC Creo". PTC, Inc.
- "PTC Mathcad". PTC, Inc.
- "PTC Servigistics". PTC, Inc. Archived from the original on December 14, 2014. Retrieved December 17, 2014.
- "PTC Arbortext". PTC, Inc.
- "Callisto Integration by Callisto Integration | PTC Marketplace". marketplace.ptc.com. Retrieved April 1, 2020.
- Business data for PTC Inc.: