US-headquartered PTC, a global software company, is looking to raise its average annual investment of $70 million in India to $100 million. The company, which has partnered with ITC Infotech for around 24 years, also set up its first solution center globally in Bengaluru.
“We have about 7,500 employees globally, with 2,500 in India. Our market cap is around $22 billion. Investment-wise, in the last five years, we’ve spent about $350 million in India. Our intent going into the next year is to increase that to about $100 million every year,” said Neil Barua, CEO of PTC.
He added that in Pune, PTC is looking at a new office space to ensure there is enough room for growth.
“We’re making progress on how we’re thinking about direct sales here; not just development products or ability products, but to sell it, support it, and the technical understandings of how to sell it. We’ll be building on that.”
India has been a development center for PTC, and for over 30 years it has been here. The company has centers in Pune, Gurgaon, and Bangalore.
“The first solution center - the Bangalore Solution Center that PTC built globally, was with ITC Infotech. 24 years ago, when PTC was looking at partners based out of India, its management team decided to find somebody with one alignment on the industry side of the house because PTC, given the product suite, is focused on a set of products industrial manufacturing, medical devices, Federal Aerospace & Defense, automotive, etc. ITC Infotech has always had that as a primary axis,” said Sudip Singh, MD & CEO, of ITC Infotech.
He added that 60% of ITC Infotech’s revenues of around $500 million comes from manufacturing, CPG, and retail, the segments PTC also focuses on. “It is the alignment and sponsorship PTC saw from the ITC group and ITC Infotech’s then management team, which was the starting point.”
Singh explained that two years back, as PTC wanted to move to the next phase, a requirement in the digital manufacturing space the world has entered, they were looking for a partner with a depth of understanding of their product suite, and what clients need.
“ITC Infotech was chosen again by PTC to take the partnership to the next level. The next phase would be about taking the partnership with PTC forward as they go more into SaaS-based products. ITC Infotech is the selected partner to fundamentally help PTC make product transition happen for clients,” he said.
In 2022, the partnership resulted in the formation of DxP Services, creating one of the world’s largest PTC Product Lifecycle Management (PLM) ecosystems within ITC Infotech. This was achieved by integrating the global ex-PTC Professional Services team with the India-based Global Delivery Center, bringing together several PLM experts and professionals.
160 PTC employees joined ITC Infotech when DxP Services was formed, creating a pool of 900 PLM professionals, which is one of the largest globally. ITC Infotech is also one of the largest implementation partners of PTC products globally.
Barua added that PTC does high-end work that impacts the world in India. “We’ve trusted our India employees to build most of the mission-critical products the world uses. For example, a wind turbine is built on software developed in India. Defense is a big business for PTC and we know in India it’s a burgeoning industry with a lot of backing and momentum. We play in Electronics and High-Tech manufacturing, and work with semiconductor companies globally and in India.”
In India, some of PTC’s customers include TVS Motors, Tata Passenger Commercial Vehicle Group, Royal Enfield, Philips Healthcare, GE Healthcare, and Stryker.
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