PTC announced the acquisition of Onshape, the innovative company behind the first Software as a Service (SaaS) product development platform that combines computer aided design (CAD) and tools that allow data management and enable collaboration.
With more than $150 million of funding secured, Onshape’s SaaS model makes work more efficient by improving collaboration and automating software updates, while at the same time eliminating the need for hardware and administrative staff to maintain it.
Jon Hirschtick, CEO and co-founder of Onshape, said, “We and PTC believe that the product development industry is nearing the ‘tipping point’ for SaaS adoption of CAD and data management tools.”
Leading industry transformation
Thanks to the acquisition of Onshape, PTC expects to remain at the forefront of digitalization and the industry's transition to SaaS, capitalizing on the SaaS best practice and benefitting from a more stable revenue stream that characterizes this model.
Jim Heppelmann, president and CEO at PTC, stated, “Building on the strong momentum we have with our on-premises CAD and PLM businesses, we look to our future and see a new growth play with SaaS. The acquisition of Onshore complements our on-premises businesses with the industry’s only proven capable pre SaaS platform.”