PTC reports that a definitive agreement has been reached to acquire Intland Software for approximately US$280 million (€258.26 million).
The Industrial Internet of Things (IIoT) specialist, which operates in the UK from its base in Farnborough, is looking to broaden and deepen its Application Lifestyle Management (ALM) footprint across safety-critical and regulated industries.
Expected to close in PTC’s fiscal third quarter, the deal will leverage Intland’s Codebeamer ALM family of software products, including cloud-ready, fully integrated offering.
“The addition of Codebeamer will broaden and deepen our ALM portfolio and enable us to further support our customers’ efforts to incorporate sophisticated software systems into their products,” says Jim Heppelmann, president and CEO of PTC.
“This acquisition will also complement our strengths in Product Lifecycle Management (PLM) and model-based systems engineering as part of our Digital Thread portfolio strategy.”
Intland, which is headquartered in Stuttgart in Germany, serves an impressive array of global enterprise ALM customers operating across the automotive, life sciences, consumer electronics, and aerospace and defense industries.
Key to Codebeamer’s success is its flexible and modern, easy-to-use interface, providing customers with requirements, risk and test-management capabilities, while also supporting contemporary agile software development and integrating with the DevOps and source code management tools that software developers love.
The solution’s pre-built templates and partner integrations make it easier for customers to meet the stringent requirements common in regulated industries.
PTC plans to offer Codebeamer standalone and in conjunction with both its Windchill and Arena PLM offerings, and to continue to enhance and support its existing ALM solution.
“The entire Intland team is proud of the success we have had developing and delivering a modern ALM offering that has been widely accepted in the market,” says Janos Koppany, CEO, Intland Software.
“Our Codebeamer offerings are a perfect complement to PTC’s portfolio of product development solutions, and we look forward to continuing our journey as part of PTC.”
The transaction will be funded with cash on hand and amounts borrowed under PTC’s existing credit facility. Management plans to discuss the expected impact of the Intland acquisition on PTC’s financial and operating metrics during its fiscal Q2 quarterly earnings call on April 27th.
Centerview Partners LLC acted as exclusive financial advisor to PTC on the transaction.
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