PTC is to acquire privately-held Axeda Corp for US$170m in a move that will help the software solution provider expand its Internet of Things (IoT) portfolio.

PTC says the move will accelerate its ability to deliver solutions across the IoT technology stack. The Axeda portfolio will complement its existing ThingWorx rapid application development platform, service lifecycle management (SLM) and product lifecycle management (PLM) solutions, PTC adds. 

Axeda serves more than 150 customers and operates across multiple industries.

"The world we live in is changing around us, and the pace of that change is accelerating as more and more machines, sensors, and products connect via the Internet to their makers, to their operators, and to each other," said PTC president and CEO Jim Heppelmann.

Using Axeda's technology, manufacturers are able to capitalise on the data available from their smart, connected products, he added. 

Subject to satisfaction of customary closing conditions and certain regulatory approvals, the transaction is expected to close in PTC's fourth-quarter.