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by David R. Brousell, MA Editorial Staff Posted on Wednesday, October 31, 2007 4:47:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | The product development specialist looks to bulk up its customer base and add new modeling capabilities to its portfolio with the purchase of CoCreate. |
| Keywords: | PTC acquisition, PTC CoCreate |
In a move to expand its customer base and add new modeling technology to its portfolio, product lifecycle management software supplier PTC today said it would acquire CoCreate Software GmbH, a provider of CAD modeling products, for about $250 million. Privately held CoCreate, based in Sindelfingen, Germany, offers the OneSpace Suite, which includes 2D, 3D, and collaboration tools, primarily to the high-tech electronics and machinery industries. It counts among its approximately 5,000 customers such companies as Canon, Fisher Controls, Hewlett-Packard, Matsushita Electric, and NEC. Since 2006, CoCreate has been affiliated with HBK Capital Management, an investment partner. PTC, which also today announced a 9% increase in revenue as part of its fourth-quarter results, said it expected the acquisition to be completed in the first quarter of fiscal 2008. PTC will finance the acquisition with a combination of $50 million in cash and $210 million in debt, and said it expects the purchase to be dilutive to earnings per share in fiscal 2008. [Click to continue] |
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