PTC signed a definitive agreement to acquire Intland Software for approximately $280 million. Intland develops and markets the Codebeamer Application Lifecycle Management (ALM) family of software products, including a cloud-ready, fully integrated offering. The acquisition is expected to significantly broaden and deepen PTC's ALM footprint across safety-critical and regulated industries. Subject to the satisfaction of applicable closing conditions, the transaction is expected to close in PTC's fiscal third quarter.
"The addition of Codebeamer will broaden and deepen our ALM portfolio and enable us to further support our customers' efforts to incorporate sophisticated software systems into their products," said Jim Heppelmann, president and CEO, PTC. "This acquisition will also complement our strengths in PLM and model-based systems engineering as part of our Digital Thread portfolio strategy."
Intland is headquartered in Stuttgart, Germany, and serves an impressive array of global enterprise ALM customers operating across the automotive, life sciences, consumer electronics, and aerospace and defense industries.
Key to Codebeamer's success is its flexible and modern, easy-to-use interface. Codebeamer provides customers with requirements-, risk-, and test-management capabilities, while supporting contemporary agile software development and integrating with DevOps and source code management tools. Codebeamer's pre-built templates and partner integrations make it easier for customers to meet the stringent requirements common in regulated industries.
PTC plans to offer Codebeamer standalone and in conjunction with both its Windchill and Arena PLM offerings, and to continue to enhance and support its existing ALM solution.
"The entire Intland team is proud of the success we have had developing and delivering a modern ALM offering that has been widely accepted in the market," said Janos Koppany, CEO, Intland Software. "Our Codebeamer offerings are a perfect complement to PTC's portfolio of product development solutions, and we look forward to continuing our journey as part of PTC."
The transaction will be funded with cash on hand and amounts borrowed under PTC's existing credit facility. Management plans to discuss the expected impact of the Intland acquisition on PTC's financial and operating metrics during its fiscal Q2 quarterly earnings call on April 27.
Centerview Partners LLC acted as exclusive financial advisor to PTC on the transaction.
