ThingWorx, Inc.

In the earlier session, people said when the big companies get in and start spending millions and billions, then you know things are happening.

So we spent $700 million over the last year acquiring IoT company ThingWorx and connectivity company Exida.

And then most recently, we purchased Vuforia.

And Vuforia is the leading edge of augmented reality.

The partnership gave Rockwell quick access to industry software without buying PTC, um, but the whole thing didn't become the growth platform that both companies had expected.

Um, uh, basically, the platform ThingWorx, um, was outboxed by the big companies-

Mm

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And, um, PTC itself took a different path under the current CEO, Neil Barua.

Um, it focused on software development, CAD, PLM, and service cycle, cycle management.

Um, the platform Th- ThingWorx and Kepware, um, one of those hidden automation jewels, [chuckles] were spun off, so they're not even part of this acquisition.

Uh, and this narrower platform makes PTC today a better fit with, um, AVEVA than another broad industrial IoT platform would be.