ITC Infotech on Friday said it will acquire a portion of Nasdaq-listed PTC's product lifecycle management (PLM) implementation business services, and set up its own business unit, DxP Services.
As part of their expansion plan, both the partners have entered into an agreement to boost customer digital transformation initiatives, focused on the adoption of PTC's 'windchill' PLM software as a service (SaaS), ITC Infotech said in a statement.
However, the value of the acquisition was not disclosed.
The newly created entity will combine PLM professional services experts from both firms into one team dedicated to creating and offering, the tooling and methodologies required to expedite a smooth transition to SaaS, the statement added.
“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,” said Jim Heppelmann, President, Chief Executive Officer, PTC.
He added that this new deal with ITC Infotech will allow PTC to realign its professional services experts to a unique thought leadership role in the industry.
The transaction is expected to be completed in PTC’s fiscal third quarter. Management plans to discuss the expected impact of the agreement on PTC's financial and operating metrics during its fiscal Q2 quarterly earnings call on April 27, the statement said.
ITC Infotech provides technology solutions and services to enterprises across industries healthcare, manufacturing, consumer goods, banking and financial services and travel and hospitality.