Mass. ‘Internet of Things’ merger: PTC to acquire Axeda for $170 million

(iStockphoto)
(iStockphoto)

Before the “Internet of Things” was a popular phrase, companies including Foxboro-based Axeda provided what was known as machine-to-machine technology—software that allowed physical devices to exchange data.

As the Internet of Things—a modern update to the machine-to-machine phrasing for the cloud era—has taken off, Axeda has reworked its product descriptions and now calls its offering an “Internet of Things platform.”

Axeda also has a new owner: Needham-based PTC has announced a deal to acquire the firm, founded in 2000, for $170 million.

PTC had previously bought up another traditional machine-to-machine technology player, ThingWorx, in December for $130 million.

The acquisitions complement each other and will “accelerate PTC’s ability to deliver best-in-class solutions across the entire Internet of Things technology stack,” PTC said in a news release.

Axeda’s core technology aims to enable companies to securely connect and remotely monitor a range of machines, sensors, and devices.

Kyle Alspach has worked in journalism in Massachusetts since 2005 and was one of the original staff writers at BetaBoston.
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