Let’s be honest, it’s been a pretty ho-hum year so far in the CAD software business. Sure, there have been new releases, but with mostly small incremental enhancements and improvements. There has also been some relatively minor industry consolidation, but nothing like in previous recent years. Those events pale, however, in comparison to the intended acquisition announced last week of relative innovative newcomer, cloud-based Onshape by industry stalwart PTC. This acquisition is something I strongly consider to be a major positive industry disruptor.
Pending regulatory approval and satisfaction of other conditions, the transaction is expected to be completed in November 2019.
A Meeting of the Minds: Jon Hirschtick, Onshape’s CEO (left) in deep discussion with PTC’s CEO, Jim Heppelmann (right). (Image courtesy of PTC)
Onshape will be integrated with PTC and will operate as a PTC business, with current management reporting to PTC CEO, Jim Heppelmann, including Onshape’s co-founder and CEO, Jon Hirschtick.