ITC Infotech pays $33 mn to PTC for partially acquiring American PLM biz

ITC Infotech on Thursday said it has paid an amount of USD 33 million (around Rs 256 crore) to PTC as part of an agreement to acquire a substantial portion of the American company’s product lifecycle management implementation services.

As per an agreement announced on April 22, ITC Infotech will acquire a substantial portion of PTC’s product lifecycle management (PLM) consulting and professional services business.

It also created a new business unit, DxP Services, bringing together PLM professionals from both companies, said a statement by ITC Infotech.