TPG to Acquire PTC's Industrial Connectivity and IoT Businesses

In The News
November 6, 2025

Ropes & Gray advised TPG in a definitive agreement to acquire PTC’s Kepware® industrial connectivity and ThingWorx® Internet of Things (IoT) businesses. TPG will invest in the businesses through TPG Capital, the firm's U.S. and European private equity platform. The deal was announced in a Nov. 5 press release.

The Ropes & Gray team included private equity partners Jay Freedman, Chau Le and Reed Harasimowicz, IP transactions partner Emily Karlberg, employment partner Stephanie Bruce, executive compensation & employee benefits partner Matt Jones, tax partner Tristan Evans-Wilent, finance partner Alex Zeltser, and litigation & enforcement partner Jackie Grise.