Velotic combines GE Vernova’s former Proficy business and PTC’s former Kepware and ThingWorx businesses.
BOSTON—A new industrial software firm, launched in March, is dedicated to providing “new levels of AI-driven manufacturing efficiency, productivity, and data visibility” for manufacturing companies around the world.
The formation of Velotic™ coincides with the closings of TPG’s previously announced acquisitions of Proficy, the former manufacturing software business of GE Vernova, and PTC’s former industrial connectivity and Internet of Things (IoT) businesses. Backed by TPG, Velotic brings together multiple platforms to advance what the company calls “a new era for industrial and manufacturing technology,” according to a company release..
“Velotic is purpose-built to meet the rapidly evolving productivity and data needs of manufacturing operators across the globe with a focus on creating next-generation, AI-powered industrial and manufacturing software solutions,” the release stated. “By bringing together Proficy’s automation and production management expertise with Kepware’s industrial connectivity leadership and ThingWorx’s best-in-class industrial data and analytics applications, Velotic will provide customers with greater visibility, unparalleled insight, and the robust data and AI capabilities needed to produce and compete in today’s complex manufacturing environment.”
Proficy, Kepware, and ThingWorx will remain as distinct product lines within the broader Velotic portfolio, now operating under one mission and platform
Manufacturing software veteran Brian Shepherd will serve as Velotic’s CEO. He brings more than 25 years of leadership experience and expertise in manufacturing technology, including at Rockwell Automation, Hexagon Manufacturing Intelligence, and PTC. James Heppelmann, former Chairman and CEO of PTC, will serve as the company’s executive chairman.
“Today marks an exciting new chapter for our industry, our partners, and the customers we serve,” said Velotic CEO Brian Shepherd, in the release. “Manufacturing is transforming as the world’s leading operators seek to support their workforces with purpose-built technologies that enhance operations, strengthen output, and drive growth by harnessing AI-powered solutions. Velotic was formed for this moment—to propel the future of manufacturing technology and solve manufacturers’ most pressing technology challenges. With experienced teams and proven platforms under one roof, I am excited about the future of our new business and look forward to accelerating our velocity, together.”
“Velotic’s solutions have independently driven our customers’ organizations forward for more than a decade. Now, together as a unified company, Velotic will be able to strengthen and expand its portfolio to deliver next-generation solutions that improve business outcomes,” said James Heppelmann, executive chairman of Velotic, in a statement. “Under Brian’s experienced leadership, and with the support of TPG, Velotic will be even better positioned to solve the challenges manufacturers face today and tomorrow, and I look forward to supporting this mission-critical business in this exciting new chapter.”
Velotic describes itself as “a leading independent industrial software company, providing an AI-focused, hardware-agnostic, and flexible suite of platforms for customers around the world.” The company is based in the Boston area and is reported to have more than $300 million of revenue. Velotic serves customers across manufacturing, oil and gas, utilities, and infrastructure.
“There is a growing need to bring AI to operational technology, and Velotic has the capabilities and credibility to accelerate the technological evolution taking place across industrial and manufacturing operations,” said Art Heidrich, partner at TPG, in the release. “Velotic unites a suite of trusted platforms that customers rely on to operate and improve their businesses. We’re excited to partner with Brian, James, and the broader Velotic team to invest in innovation that unlocks new value for customers.”