PTC To Buy Augment Reality Technology Platform Vuforia From Qualcomm

(RTTNews) - Software maker PTC Inc. (PTC) said it has agreed to acquire the Vuforia business from Qualcomm Connected Experiences, Inc., a subsidiary of Qualcomm Inc. (QCOM), for $65 million. PTC noted that the acquisition of Vuforia, a widely-adopted augmented reality or AR technology platform, will enrich its technology portfolio.

Under terms of the agreement, PTC will acquire the award-winning Vuforia business, including the developer ecosystem. PTC is committed to continued investment in the Vuforia platform and to the ongoing support and growth of the Vuforia ecosystem.

Vuforia is supported by a global ecosystem of developers in 130 countries, and has powered more than 20,000 apps with more than 200 million app installs worldwide.

Vuforia annual revenue is currently not material to PTC financial results. As a result of cost synergies and investment plans, PTC does not expect Vuforia to impact its fiscal 2016 adjusted earnings per share. The transaction is expected to close by the end of calendar year 2015, subject to customary closing conditions.

PTC said it will release its fiscal 2015 fourth quarter results on Wednesday, October 28th after the stock market closes. The company added that its management will host its FY16 Investor Day on Tuesday, November 10th, 2015.