PTC and Rockwell Automation announce strategic partnership to drive industrial innovation


June 11, 2018 — and announced that they have entered into a definitive agreement for a that is intended to accelerate growth for both companies and enable them to be the partner of customers around the world who want to transform their physical operations with digital technology. As part of the , Rockwell Automation will make a $1 billion equity investment in PTC, and Rockwell Automation’s Chairman and CEO, Blake Moret, will join PTC’s board of directors effective with the closing of the equity transaction.


The partnership leverages both companies’ resources, technologies, industry expertise, and market presence, and will include technical collaboration across the organizations as well as joint global go-to-market initiatives. In particular, PTC and Rockwell Automation have agreed to align their respective smart factory technologies and combine PTC’s ThingWorx IoT, Kepware connectivity, and Vuforia augmented reality (AR) platforms with Rockwell Automation’s FactoryTalk MES, FactoryTalk Analytics, and Automation platforms


Rockwell Automation’s solutions business will be a delivery and implementation provider, supported by a robust ecosystem of partners that both companies have established.


Under the terms of the agreement relating to the equity investment, Rockwell Automation will make a $1 billion equity investment in PTC by acquiring 10,582,010 newly issued shares at a price of $94.50, representing an approximate 8.4% ownership interest in PTC based on PTC’s current outstanding shares pro forma for the share issuance to Rockwell Automation.  The price per share represents an 8.6% premium to PTC’s closing stock price on June 8, 2018, the last trading day prior to today’s announcement. Rockwell Automation intends to fund the investment through a combination of cash on hand and commercial paper borrowings. Rockwell Automation will account for its ownership interest in PTC as an Available for Sale security, reported at fair value.

 



Source link http://www.automation.com/automation-news/ptc-and-rockwell-automation--strategic-partnership-to--industrial-

LEAVE A REPLY

Please enter your comment!
Please enter your name here