ITC Infotech announced on Thursday that it has paid $33 million (approximately Rs. 256 crore) to PTC in a deal to acquire a substantial portion of IT lifecycle management implementation services. American company products.
Under an agreement announced April 22, ITC Infotech will acquire a substantial portion of PTC’s product lifecycle management (PLM) consulting and professional services business.
He also created a new business unit, DxP Services, bringing together PLM professionals from both companies, a statement from ITC Infotech said.
“ITC Infotech’s aggregate commitments under the agreement are estimated to be approximately $115 million, of which $33 million in cash was received by PTC upon closing of the transaction, with the remainder consisting of a mix of committed and conditional items deliverable over a period of 5 years in accordance with the terms of the agreement,” said ITC Infotech.
The new business unit, DxP Services, is led by Patrick Bionducci, who previously led PTC’s global services business, he added.
“As a trusted and preferred partner, ITC Infotech will work with PTC to develop joint offerings to accelerate customers’ digital transformation initiatives,” he said.
Thousands of PTC customer systems are expected to convert to the cloud as part of the new business unit’s multi-year roadmap.
“To ensure consistency and accuracy in these SaaS conversion projects, PTC and ITC Infotech are bringing together professionals from both companies in a unified global practice that will create offerings, including the necessary tools and methodologies, and execute programs to accelerate adopting PTC’s next solution. generation PLM solutions,” he said.
ITC Infotech has also strengthened its presence in Austria, Brazil, Canada, Denmark, France, Germany, Italy, the Netherlands, Poland, Romania, Sweden, Switzerland, the United Kingdom and in the United States with this transaction, and plans to become one of the leading SaaS (software as a service) system integrators globally.
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