Nasdaq-listed PTC to Invest $100 Million Annually to Ramp Up Business in India PTC has a significant presence in India and expanding further. It currently has about 2,500 employees in India out of its global headcount of 7,500.
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Nasdaq-listed software major PTC Inc. will be investing US$ 100 million annually in India to ramp up operations in the country. PTC has been one of the earliest global tech companies to set up its office in India some three decades ago. PTC currently has about 2,500 employees in India out of its global headcount of 7,500.
"PTC has invested over US$350 million in India over the last five years and expects the investment to soon reach US$100 million annually. This demonstrates our increasing commitment to India and its importance to PTC's business," Neil Barua, CEO, PTC told Entrepreneur India.
The Boston-based company has centers in Pune, Bengaluru, and Gurugram in India and it is planning to expand its operations in each of these centers. PTC counts TVS, Royal Enfield, Schneider Electric, and Philips Healthcare among its client base in India.
PTC has been growing both organically and through acquisitions. Last year, PTC acquired ServiceMax for approximately US$1.46 billion. ServiceMax is a leading player in cloud-native, product-centric field service management (FSM) software and the acquisition is aimed to strengthen PTC's closed-loop product lifecycle management (PLM) offerings.
In the latter half of last year, it acquired pure-systems, a leading provider of product and software variant management solutions, to support PTC's leading position in the fast-growing application lifecycle management (ALM) market and enhance its presence in regulated industries – including automotive, aerospace, and medical device manufacturers – which are increasingly prioritizing software in their product designs.
Earlier, in 2022, PTC acquired Intland Software for approximately US$280 million to broaden and deepen its ALM footprint across safety-critical and regulated industries.
Going forward, PTC will focus on organic growth while keeping an eye out for acquisitions. "We have enough to do organically right now. We want to make sure our employees are feeling very excited about the business, our customers are getting value, and there's no real gap that I see currently that we need to go buy another company. But, we always have the ability to do that," said Barua.
In terms of the tech spending environment, he said it remains challenging but technology centered around faster ROI are getting prioritized.
"A lot of the companies we serve are struggling with competition, geopolitical issues, sustainability requirements, an ageing workforce, and how they build products that incorporate software into the hardware components that they have been historically good at…what we are now seeing is that people are doing all the hard work needed to really get their digital house in order and transform their business. So while the business and demand feels good, there still remains an element of uncertainty," Barua added.
PTC reported revenue of US$519 million for the third quarter ended June, down 4 per cent from the same period last year. It has guided for a revenue growth in the range of US$598-648 for the fourth quarter. For FY24, it has guided for a revenue growth of 8-11 per cent to US$2.27-2.34 billion.
