M&A Deal Summary

TPG Acquires ThingWorx

On November 5, 2025, private equity firm TPG acquired software company ThingWorx from PTC

Acquisition Highlights
  • This is TPG’s 40th transaction in the Software sector.
  • This is TPG’s 297th transaction in the United States.
  • This is TPG’s 12th transaction in Pennsylvania.

M&A Deal Summary

Date 2025-11-05
Target ThingWorx
Sector Software
Buyer(s) TPG
Sellers(s) PTC
Deal Type Divestiture

Target

ThingWorx

Exton, Pennsylvania, United States
ThingWorx is a provider of platform for building and running applications for the Internet of Things (IoT). ThingWorx was formed in 2009 and is based in Exton,19341, Pennsylvania.

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Buyer(S) 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 450 of 451
Sector: Software M&A 40 of 40
Type: Divestiture M&A Deals 41 of 41
State: Pennsylvania M&A 12 of 12
Country: United States M&A 297 of 298
Year: 2025 M&A 11 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-05 Kepware

Portland, Maine, United States

Kepware provides industrial connectivity software that integrates operational technology (OT) systems with information technology (IT) applications. The Company’s products, including KEPServerEX and Kepware+, support communication between automation devices, industrial protocols, and data platforms to enable standardized data access across manufacturing and industrial environments. Kepware was founded in 1995 and is headquartered in Portland, Maine.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-17 Pike

Charlotte, North Carolina, United States

Pike is a provider of construction, repair and engineering services for distribution and transmission powerlines and substations, with a growing portfolio of turnkey and renewable projects. Pike was founded in 1945 and is based in Charlotte, North Carolina.

Buy -

Seller(S) 1

SELLER

PTC

Boston, Massachusetts, United States

Category Company
Founded 1985
Sector Software
Employees7,311
Revenue 2.3B USD (2024)
DESCRIPTION

PTC is a computer software company specializing in 2D & 3D design software, product lifecycle management, and service management solutions. PTC was founded in 1985 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 2 of 2
Sector: Software M&A 2 of 2
Type: Divestiture M&A Deals 2 of 2
State: Pennsylvania M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-05 Kepware

Portland, Maine, United States

Kepware provides industrial connectivity software that integrates operational technology (OT) systems with information technology (IT) applications. The Company’s products, including KEPServerEX and Kepware+, support communication between automation devices, industrial protocols, and data platforms to enable standardized data access across manufacturing and industrial environments. Kepware was founded in 1995 and is headquartered in Portland, Maine.

Sell -