"Home prices driving tech workers overseas"
Enigma develops MRO and Electric Parts Catalog software.
US company PTC (Parametric Technology Corporation) (Nasdaq: PMTC) has announced the acquisition of Israeli company Enigma. Financial details of the deal were not disclosed but market sources believe it was for only a few million dollars.
Enigma develops software for the management of maintenance repair and overhaul (MRO) for complex equipment such as heavy industrial equipment, aircraft and vehicle parts, mechanical equipment, and so on, as well as Electric Parts Catalog software.
Boston-based PTC develops software for managing the design, development and production of engineering products (PLM), computer aided design (CAD), application life-cycle management (ALM), and service life-cycle management (SLM). The company employs over 6,000 people, and it had sales of $1.3 billion in 2012. It numbers among its customers some of the largest manufacturing and technology companies in the world, such as Toyota, Lockheed Martin, Boeing, Audi, Caterpillar, General Electric, Raytheon, EADS, Samsung, Dell, Toshiba, and Motorola.
PTC has had a development center in Israel since 1991, the company's first outside the US. It employs 250 people in Herzliya and Haifa. Most of Enigma's employees will be taken on at the Herzliya branch.
Enigma's software solutions will complement PTC's SLM offering and distinguish it from those of its competitors. Enigma's products gather a wide variety of engineering information from different sources and makes it accessible for technicians and end-users, for the purposes of maintaining and servicing complex products.
"The addition of Enigma's technology to PTC's basket of solutions expands our ability to provide our customers with a full solution for managing the product life-cycle," said Ziv Belfer, manager of PTC's Israeli development center. "The reason that Enigma was an attractive acquisition for us was the match between its technology and PTC's strategy, the extensive know-how and experience of Enigma's employees, and its impressive customer list," Belfer added.
Published by Globes [online], Israel business news - www.globes-online.com - on July 16, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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