PTC to buy Axeda its second acquisition for the industrial internet of things

Gigaom

PTC(s ptc), a company better known for its product development (CAD), product data management (PLM) and service management software for manufacturing firms is now getting hot and heavy with the industrial internet. On Wednesday it said it had agreed to purchase Axeda, a company that has been providing cloud services and expertise to big name brands as they try to add connectivity to their product, for $170 million in cash. The deal is expected to add $25 million to $30 million of revenue in the company’s fiscal 2015 beginning October 2014. The deal should close by Sept. 30 of this year.

Late last year, PTC purchased ThingWorx which also offered back-end cloud services and expertise. Essentially, while there are plenty of hot new startups attacking this space such as Ayla Networks, PTC is going after companies that have been around for much longer. For example, Axeda was founded in…

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