PTC To Acquire Leading Engineering Calculation Solution Provider Mathsoft
NEEDHAM, Mass. – April 26, 2006 – PTC (Nasdaq: PMTC), the Product Development Company(TM), today announced it has signed a definitive agreement to acquire Mathsoft Engineering & Education, Inc. (Mathsoft) for $63.25 million in cash. Mathsoft is the provider of Mathcad(R), software that helps engineering organizations create, automate, document and reuse engineering calculations critical to the product development process, as well as other mathematics-driven processes. With annual revenue of approximately $20 million and over 250,000 professional users worldwide, Mathcad is the industry standard for authoring and documenting engineering calculations in industries such as discrete and process manufacturing, architecture, engineering and construction, government and education. With this acquisition, PTC will expand its computer-aided design, manufacturing and engineering (CAD/CAM/CAE) solutions with unique predictive engineering capabilities that will help customers deliver optimized products sooner, with higher quality and improved knowledge capture. The acquisition, which is subject to regulatory approval and other customary closing conditions, is expected to close in early May.