Parametric Technology Corporation Changes Legal
Name to PTC
MA, Jan 25, 2013 - PTC , the company credited with having invented the
modern computer aided design industry, announced it is changing its legal
name to reflect the full breadth of its current technology portfolio, market
scope, and corporate vision. While the company has operated as PTC for some
time, the company's legal name has remained Parametric Technology
Corporation, directly reflecting its earliest market innovation - the first
parametric, feature-based, fully-associative solid-modeling software.
Effective January 28, the company is changing its legal name to PTC Inc. to
align with its broadened purpose of helping manufacturers transform the way
products are created and serviced.
Although a modest update, the legal name change
acknowledges how far the company's capabilities have expanded through
acquisition and organic development over the past 25 years. From its roots
as a pioneer in desktop CAD, the company soon followed with another first -
Web-based software for managing the proliferation of product-related
information - helping to define the modern product lifecycle management
(PLM) market. According to industry consulting firm CIMdata, the global
market for PLM and related technology and services is expected to reach
nearly $50 billion by 2016.
Under the leadership of current CEO Jim Heppelmann, the
company has pursued an aggressive strategy of acquisitions and rapid organic
development to expand its offerings into fast-growing markets. In recent
years, PTC has extended its PLM portfolio to include application lifecycle
management (ALM) capabilities to help manage development of
software-intensive "smart" products, as well as to include supply chain
management (SCM) capabilities, particularly in the retail sector where
industry analyst firm IDC recently acknowledged PTC as the clear market
share leader. In addition, last year the company accelerated its entry into
service lifecycle management (SLM) with an acquisition that gives PTC the
broadest footprint of enabling technology and largest customer base in this
fast emerging market. Today, the company delivers technology solutions
across the broadest definition of a product's lifecycle - from conception
and design to sourcing and service.
"As we look at the landscape of the global manufacturing
industry, it is clear that a transformation is underway," said Jim
Heppelmann, president and CEO of PTC. "To address that change, PTC has been
evolving as well - expanding our vision, market scope, technology portfolio,
and our ability to help our customers achieve competitive advantage. With
this move, we are simply updating our legal name to reflect the reality of
who PTC is today."
manufacturers to achieve sustained product and service advantage. The
company's technology solutions help customers transform the way they create
and service products across the entire product lifecycle - from conception
and design to sourcing and service. Founded in 1985, PTC employs over 6,000
professionals serving more than 27,000 businesses in rapidly-evolving,
globally distributed manufacturing industries worldwide.
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