ITC Infotech eyes $500 mn revenue over five years from new business unit

ITC Infotech is eyeing revenues of $500 million over the next five years from DxP Services – a unit being created from the acquisition of a portion of US software and services company, PTC’s, product lifecycle management (PLM) business.

Last month, ITC Infotech announced that it would be acquiring a part of PTC’s product lifecycle management (PLM) implementation services business and create a new business unit, DxP Services, combining professional services experts from both companies. The transaction is set to close.

The acquisition is the first from ITC Infotech, set up in 2000 by the diversified conglomerate, ITC. The financial commitment from ITC Infotech towards this agreement is $115 million over five years.