Company:Velotic
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| Type | Private |
|---|---|
| Industry | Industrial software |
| Founded | March 17, 2026 |
| Headquarters | Boston area, Massachusetts, U.S. |
Key people |
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| Products |
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| Revenue | More than US$300 million (2026)[1] |
| Owner | TPG |
Number of employees | 1,200 (2026)[2] |
| Website | www |
Velotic is an American industrial software company formed in 2026 after private-equity firm TPG combined the former GE Vernova Proficy business with PTC Inc.'s former Kepware and ThingWorx businesses.[3][4][1] The company is based in the Boston area, Massachusetts.[1]
History
In September 2025, GE Vernova agreed to sell its Proficy industrial software business to TPG for US$600 million.[3]
In November 2025, PTC and TPG announced an agreement for TPG to acquire PTC's Kepware and ThingWorx businesses.[5] On March 16, 2026, PTC said it had completed the sale and received US$523 million in cash proceeds upon closing, reflecting closing adjustments related to working capital and indebtedness.[4]
Velotic launched on March 17, 2026, following the closing of TPG's acquisitions of Proficy and PTC's former industrial connectivity and Internet of Things businesses.[1] At launch, Brian Shepherd was named chief executive officer and former PTC chief executive James Heppelmann was named executive chairman.[1][6]
Products
At launch, Velotic said its portfolio consisted of three product families which continued to operate under their existing brand names.[1]
Proficy
Proficy is a manufacturing software portfolio that originated within General Electric and later operated under GE Vernova. GE Vernova has described the portfolio as including HMI/SCADA systems, manufacturing execution systems (MES), industrial data management, and analytics software offered in cloud-based and on-premises deployments.[7][8]
Kepware
Kepware is an industrial connectivity software business. In 2015, PTC Inc. agreed to acquire Kepware for approximately US$100 million, plus up to an additional US$18 million tied to performance targets. At the time, PTC described Kepware as providing communications connectivity to industrial automation environments, with customers in industries including manufacturing, oil and gas, building automation, and utilities.[9]
ThingWorx
ThingWorx is an industrial Internet of Things software platform. In 2013, PTC acquired ThingWorx for approximately US$112 million, plus a possible earn-out of up to US$18 million. PTC described ThingWorx at the time as a platform for building and running Internet of Things applications.[10]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Velotic Launches to Shape Future of Industrial & Manufacturing Software". March 17, 2026. https://www.tpg.com/news-and-insights/velotic-launches-to-shape-future-of-industrial-manufacturing-software.
- ↑ Shepherd, Brian. "Brian Shepherd's post". https://www.linkedin.com/posts/brian-alan-shepherd_manufacturing-industrialsoftware-velotic-activity-7439737428669689856-3IpI/.
- ↑ 3.0 3.1 Saha, Sumit; Srivastava, Vallari (September 11, 2025). "GE Vernova to sell Proficy to TPG for $600 million, shifts focus to grid software". Reuters. https://www.reuters.com/business/energy/ge-vernova-sell-proficy-tpg-600-million-shifts-focus-grid-software-sept-11-2025-09-11/.
- ↑ 4.0 4.1 "PTC Completes Divestiture of Kepware and ThingWorx Businesses". March 16, 2026. https://www.ptc.com/en/news/2026/ptc-completes-divestiture-of-kepware-and-thingworx-businesses.
- ↑ "TPG to Acquire PTC's Industrial Connectivity and IoT Businesses". November 5, 2025. https://www.ptc.com/en/news/2025/tpg-to-acquire-ptcs-industrial-connectivity-and-iot-businesses.
- ↑ Dorbian, Iris (March 17, 2026). "TPG-backed industrial software firm Velotic launches". https://www.pehub.com/tpg-backed-industrial-software-firm-velotic-launches/.
- ↑ "TPG to acquire GE Vernova's Proficy Software business". September 11, 2025. https://www.gevernova.com/news/press-releases/tpg-to-acquire-ge-vernovas-proficy-manufacturing-software-business.
- ↑ "GE Vernova completes sale of Proficy software business to TPG". March 2, 2026. https://www.gevernova.com/news/press-releases/ge-vernova-completes-sale-proficyr-software-business.
- ↑ "PTC to Acquire Kepware, Will Extend Internet of Things Offering with Access to Industrial Automation Data". December 23, 2015. https://investor.ptc.com/resources/news/news-details/2015/PTC-to-Acquire-Kepware-Will-Extend-Internet-of-Things-Offering-with-Access-to-Industrial-Automation-Data/default.aspx.
- ↑ "PTC Acquires Leading Internet of Things Platform Provider ThingWorx". December 30, 2013. https://investor.ptc.com/resources/news/news-details/2013/PTC-Acquires-Leading-Internet-of-Things-Platform-Provider-ThingWorx/default.aspx.
External links
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