BANGALORE, India and BOSTON, June 1, 2022 — (PRNewswire) —   ITC Infotech and PTC (NASDAQ: PTC) today announced the closing of the transaction contemplated between the parties under the Strategic Partner Agreement announced in April. The transaction is designed to accelerate customer digital transformation initiatives and the adoption of PTC's industry-leading Windchill® product lifecycle management (PLM) software as a service (SaaS).

Under the agreement, ITC Infotech has acquired a substantial portion of PTC's PLM consulting and professional services business, including approximately 160 PLM consultants and services experts, and created a new business unit, called DxP Services, bringing together PLM professionals from both companies. This new business unit within ITC Infotech is being led by Patrick Bionducci who previously led PTC's global services business. As a trusted and preferred partner, ITC Infotech will collaborate with PTC to develop joint offerings to accelerate customer digital transformation initiatives, focused on the adoption of PTC's Windchill+™ PLM SaaS offering.

Thousands of PTC customer systems are expected to be converted to the cloud as part of the multi-year roadmap for the new business unit. To ensure consistency and accuracy of these SaaS conversion projects, PTC and ITC Infotech are bringing together professionals from both companies into a unified global practice which will create offerings, including the tooling and methodologies required, and execute programs to accelerate the adoption of PTC's next generation PLM solutions. DxP Services represents one of the largest organisations of Windchill professional services expertise in the industry. It is enabled by rich domain and technical knowledge of a team of experts committed to accelerating customer digital transformation journeys. ITC Infotech has also deepened its presence in Austria, Brazil, Canada, Denmark, France, Germany, Italy, the Netherlands, Poland, Romania, Sweden, Switzerland, the United Kingdom, and the United States with this transaction, and envisions becoming one of the leading SaaS systems integrators globally.

The overall commitments of ITC Infotech under the agreement are estimated at around US $115 million, of which US $33 million in cash was received by PTC at the closing of the transaction, with the remainder consisting of a mix of committed and contingent items deliverable over a period of 5 years in accordance with the terms of the agreement.

ITC Infotech is a leading global technology services and solutions provider, led by Business and Technology Consulting. ITC Infotech provides business-friendly solutions to help clients succeed and be future-ready, by seamlessly bringing together digital expertise, strong industry specific alliances and the unique ability to leverage deep domain expertise from ITC Group businesses. The company provides technology solutions and services to enterprises across industries such as Banking & Financial Services, Healthcare, Manufacturing, Consumer Goods, Travel and Hospitality, through a combination of traditional and newer business models, as a long-term sustainable partner. ITC is one of India's leading private sector companies and a diversified conglomerate with businesses spanning Consumer Goods, Hotels, Paperboards and Packaging, Agri Business and Information Technology. For more information, please visit: http://www.itcinfotech.com/

PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don't just imagine a better world, we enable it. For more information, please visit www.ptc.com.

Statements in this press release that are not historic facts, including statements about customers' willingness to adopt SaaS solutions for their digital transformation initiatives, the development of technologies and methodologies to expedite the transition to SaaS, and the effect of the transaction on customers, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include: customers may be slower to adopt SaaS than we expect or may adopt competing SaaS solutions; the development of technologies and methodologies to expedite customers' transition to SaaS may not occur when or as we expect; and significant disruption could occur among employees and/or customers, causing them to terminate their relationships with PTC or ITCI. Other risks and uncertainties that could cause PTC's actual results to differ materially from those projected are detailed from time to time in reports filed by PTC with the Securities and Exchange Commission, including PTC's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

PTC, Windchill, Windchill+, and the PTC logo are trademarks or registered trademarks of PTC Inc. and/or its subsidiaries in the United States and other countries.

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SOURCE PTC Inc.