Internet of things (IoT) Software producer PTC agreed on Wednesday to acquire US-based software developer Axeda Corporation for $170m, providing an exit to Japan-based corporation Mitsui.
Founded in 2005, Axeda produces technology that can connect machines and sensors to the cloud. PTC is buying the company to complement its own PTC Thingworx business.
Mitsui participated in a $12m growth equity round raised by Axeda in August 2013 alongside consultancy and outsourcing company Wipro and growth equity firm JMI Equity.
Axeda had raised $26.5m in equity across three rounds from backers also including venture debt provider MMV Financial, according to press releases and SEC filings.
“Axeda was early to see the potential of the IoT space and we consider ourselves a true market innovator,” said Todd DeSisto, Axeda’s CEO.
“Our technology solutions enable companies to connect to, and manage machines and the data they generate to create new business opportunities. We share PTC’s vision for the transformative power of smart, connected products and are excited to contribute to PTC’s leadership position in this fast growing market.”