With trying times at retail, savvy tech companies are joining forces to tackle the challenges at hand.
Case in point: Software firm PTC has partnered with Rockwell Automation Inc. According to a spokesman for PTC, the move is “expected to accelerate growth for both companies” and help them become a “partner of choice” for customers who want to “transform their physical operations with digital technology.”
“Leveraging Rockwell Automation’s industrial control and software technology, strong brand and domain expertise with PTC’s technology enables industrial enterprises to capitalize on the promise of the industrial ‘internet of things,’” said Jim Heppelmann, president and CEO of PTC.
The price is steep.
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Rockwell Automation said it will make a $1 billion equity investment in PTC. The Milwaukee-based industrial automation technology company’s chairman and CEO, Blake Moret, is set to join PTC’s board of directors, which will be “effective with the closing of the equity transaction.”
“Our equity investment in PTC reflects our confidence in the partnership and the significant upside we expect it to create for both companies as we work together to profitably grow subscription revenue,” said Moret.
With combined resources, tech and expertise, the spokesman said the collaboration will result in a variety of initiatives, including a solution that aims to result in “increased productivity” and “reduced operational risk” for customers.
The investment transaction is “subject to customary closing conditions and regulatory approvals,” noted the spokesman.
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