PTC to acquire SaaS product development software vendor Arena

PTC has signed a definitive agreement to acquire Arena Solutions for $715 million in cash to support PTC’s strategy to become the leader in the rapidly-growing market for SaaS-based product development software. "A year ago, PTC entered the SaaS world for product development software with our acquisition of Onshape,” said Jim Heppelmann, president and CEO, PTC. “That move reflected our strong conviction that our market is nearing a tipping point in its willingness to adopt SaaS technology,following the trend seenin manyother software markets. The effects of COVID-19 have dramatically accelerated this inevitable shift, with PTC customer surveys indicating a 25% increase in readiness for SaaS PLM since the pandemic started. We expect the acquisition of Arena will significantly extend our leadership position as we continue to redefine the future of our industry.” California based Arena with a high revenue growth rate serve the needs of electronics, high-tech, and medical-device. Nutanix, Peloton, Sonos and Square are some of the customers in its 1200+ list. Its 2020' revenues estimated to reach US$ 50 million. “As the SaaS PLM pioneer, we were first to see that engineers and product developers would benefit from a new paradigm in the way they collaborate and drive product innovation,”said Craig Livingston, Arena Solutions president and CEO. “We we are ahead of the mark...