PTC acquired the internet of things software company, which had raised more than $26m, to add to its Thingworx business.
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…
