Startups

ThingWorx acquired for $112M: 50 jobs to stay in Exton

Safeguard Scientifics, which invested in the company starting in 2011, expects to receive $40.5 million in the deal, amounting to a 4x return, as well as a potential $6.5 million, according to a release.

Russ Fadel, cofounder and CEO of ThingWorx. Photo by Flickr user JD Lasica via Creative Commons. Taken on Dec. 11, 2012.

ThingWorx, the four-year-old “Internet of Things” company in Exton, Pa., was acquired for about $112 million by PTC, a publicly-traded product technology company based in the suburbs of Boston, according to a release. The deal also calls for up to $18 million for ThingWorx and its investors, depending on the company’s performance post-acquisition.

ThingWorx’s roughly 50 employees will all remain in Exton, said ThingWorx through a spokeswoman, and the company will continue to hire.

It’s another exit for Russ Fadel, who founded ThingWorx like he did Lighthammer, the manufacturing software maker he sold to SAP in 2005. The 1982 Duke University graduate has founded other companies in the past.

Safeguard Scientifics, which invested in the company starting in 2011, expects to receive $40.5 million in the deal, amounting to a 4x return, as well as a potential $6.5 million, according to a release. Read this 2012 Q&A Fadel did for the Safeguard blog.

Companies: Safeguard Scientifics / ThingWorx

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

16 places to responsibly dispose of old electronics in Philadelphia

19 tech and entrepreneurship events to check out before the holidays

Expect high-speed internet at 100 Philly rec centers in 2025, Verizon says

Are digital navigators the answer to closing Philadelphia’s tech gap?

Technically Media