Sierra Wireless Reports Second Quarter 2014 Results
Record revenue of $135.0 million; 23% year-over-year growth.
Second Quarter 2014 highlights:
++ Record revenue of $135.0 million, an increase of 23.2% compared to Q2 2013
++ Non-GAAP earnings from operations of $3.7 million, an increase of 149%, compared to $1.5 million in Q2 2013
++ Non-GAAP EPS of $0.08, an increase of 167%, compared to $0.03 in Q2 2013
Sierra Wireless, Inc. today reported results for its second quarter ending June 30, 2014. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below.
Jason Cohenour, President and Chief Executive Officer, said:
“In the second half, we expect to deliver continued revenue and profitability growth, while also pursuing additional strategic acquisitions to expand our leadership position in the machine-to-machine (M2M) market.”
Revenue for the second quarter of 2014 was $135.0 million, an increase of 23.2% compared to $109.6 million in the second quarter of 2013, and an increase of 11.4% compared to $121.2 million in the first quarter of 2014.Revenue from OEM Solutions was $116.6 million in the second quarter of 2014, up 22.6% compared to $95.1 million in the second quarter of 2013.Revenue from Enterprise Solutions was $18.4 million in the second quarter of 2014, up 27.0% compared to $14.5 million in the second quarter of 2013. On a consolidated basis, organic revenue growth, which excludes contribution from the recently acquired In Motion Technology and AnyData businesses, was 16.8% compared to the second quarter of 2013.
Gross margin was $43.3 million, or 32.1% of revenue, in the second quarter of 2014, compared to $36.5 million, or 33.3% of revenue, in the second quarter of 2013.
Operating expenses were $49.6 million and loss from operations was $6.3 million in the second quarter of 2014, compared to operating expenses of $40.4 million and a loss from operations of $3.9 million in the second quarter of 2013.
Net loss from continuing operations was $8.2 million, or $0.26 per diluted share, in the second quarter of 2014, compared to a net loss from continuing operations of $6.7 million, or $0.22 per diluted share, in the second quarter of 2013.
Gross margin was 32.2% in the second quarter of 2014, compared to 33.4% in the second quarter of 2013.
Operating expenses were $39.8 million and earnings from operations were $3.7 million in the second quarter of 2014, compared to operating expenses of $35.1 million and earnings from operations of $1.5 million in the second quarter of 2013.
Net earnings from continuing operations were $2.6 million, or $0.08 per diluted share, in the second quarter of 2014, compared to net earnings from continuing operations of $1.0 million, or $0.03 per diluted share, in the second quarter of 2013.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) were $6.8 million in the second quarter of 2014, compared to $4.9 million in the second quarter of 2013.
During the quarter, the Company decided to reduce the scope of its 2G chipset development activities, resulting in restructuring costs of $1.0 million associated with staff reductions and an impairment of $3.8 million in related assets. These staff reductions will be fully implemented by the end of the third quarter of 2014 and the Company expects an annualized reduction in operating expenses of approximately $1.2 million.
Cash and cash equivalents at the end of the second quarter of 2014 were $168.4 million, representing an increase of $17.1 million compared to the end of the first quarter of 2014. Cash generated from operations during the second quarter was $11.7 million.
In the third quarter of 2014, we expect revenue to grow sequentially and on a year-over-year basis, a modest sequential improvement in gross margin percentage and similar operating expenditures compared to the second quarter of 2014, resulting in the following Non-GAAP guidance for the third quarter of 2014.
Q3 2014 Guidance
$137.0 to $140.0 million
Earnings from operations
$4.9 to $6.2 million
$3.8 to $4.7 million
Earnings per share
$0.12 to $0.15 per share
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The installed base of active cargo tracking units will reach 4.1 million by 2018
According to a new research report from the analyst firm Berg Insight, the number of active tracking devices deployed in cargo loading units including trailers, swap bodies, intermodal containers, air cargo containers, cargo boxes and pallets reached 1.5 million worldwide in Q4-2013.
Growing at a compound annual growth rate (CAGR) of 22.3 percent, this number is expected to reach 4.1 million by 2018. The North American trailer telematics market accounts for 60 percent of the total installed base in this sector today.
The top providers in the North American trailer telematics market including Omnitracs, Skybitz, ID Systems, Orbcomm and Spireon together have an installed base of well over 600,000 active units today. In Europe, Idem Telematics, Mecomo, Schmitz Cargobull and Novacom Europe are major trailer telematics solution providers with over 20,000 active units each. Orbcomm, Envotech, Zenatech, PearTrack Systems, Honeywell and Savi Technology are major providers of intermodal container tracking solutions. OnAsset Intelligence and Moog are examples of actors which offer specialised solutions for real-time tracking of air freight cargo.
Technology advancements make it economically feasible to track ever smaller logistics units and in the future it will be commonplace to track not only trailers and shipping containers but also individual pallets and cargo boxes.
Johan Svanberg, Senior Analyst, Berg Insight, said:“Logistics and transportation companies need to be ready to take advantage of the increasing amount of data generated by cargo tracking solutions in order to effectively improve productivity and customer service levels.”
Regulations related to cargo transport have furthermore a significant impact on the market environment. Numerous countries worldwide have introduced regulations and programs related to cargo security, tax collection and handling of special cargo such as food, dangerous goods and animals.
Mr. Svanberg noted:
“Smart tracking solutions can help stakeholders to efficiently comply with this myriad of regulations and programs.”
Download report brochure: Trailer and Cargo Container Tracking
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Standards will be critical for the emergence of the Internet of Things
New report from Machina Research explores the diversity, importance and impact of IoT standards including initiatives such as HyperCat, OMA LightweightM2M, OneM2M and Weightless.
Machina Research today published its latest report, “Standards for the Internet of Things”. The report examines existing and emerging standards for communications, connectivity, networking, service layers, data abstraction and discoverability.
The key findings are as follows:
While there is today a mess of proprietary and open standards in the IoT, Machina Research expects that open standards will generally dominate.
Growth in the IoT is currently delayed by the existence of multiple competing technologies and platforms. For ‘Subnets of Things' to give way to the Internet of Things requires the emergence of a small number of leading solutions across connectivity and service layers.
The diversity of requirements within the IoT means that there will be no single ‘winner' in terms of wireless standards. Different technologies will be needed in different circumstances.
OneM2M should become the de facto reference framework for interfacing between multiple communications networks, assuming the bureaucracy implicit in standards developments organisations (SDOs) doesn't delay it.
The standards discussion will continue to evolve in the direction of abstraction, semantics, and discoverability. This is particularly evident in the work done by OMA with the LightweightM2M protocol, the Eclipse Foundation, HyperCat and AllJoyn.
Standardisation will take time. We expect that the foreseeable future will be dominated by ‘Subnets of Things' that coalesce around common ownership of data or common cause of data owners.
Commenting on the findings, report author William Webb said:
“Currently, what has been termed the Internet of Things is a jumble of open and proprietary standards, with a lot of vertical and horizontal silos. Realistically, to move from this ‘Internet of Silos' to the Internet of Things is going to require standardisation.”
“The emergence of a small number of leading solutions in the various spaces of local connectivity, wide area connectivity and service or application layer would simplify application development and allow industry to coalesce around a few global standards.”
Matt Hatton, Director at Machina Research commented:“Unpicking the complexity of the standards environment is an important thing for our clients and we're delighted to have pulled together such an extensive study looking at all the key developments.”
Turning to the findings he said:“Clearly the development of standards is going to be critical for the Internet of Things to reach its huge potential. Today the IoT isn't really worthy of the ‘Internet' moniker. Greater standardisation is implicit in evolving from what we've previously termed machine-to-machine (M2M) to a true Internet of Things.”
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Bluetooth Smart Beacons for the IoT
Guest post by Eva Enanoria, LeadingQuest.
When Wi-Fi Alliance introduced Wi-Fi Direct, a wireless network specification that supports a wide array of uses that mostly invade the Bluetooth territory, everyone thought that it was going to be the end of Bluetooth technology. As interesting at it is, the technology found ways to survive and thrive in the ever-changing world of innovation and technology. The Bluetooth Special Interest Group (SIG), a non-profit organization overseeing the development of bluetooth standards, designed a new technology that still has the classics of Bluetooth, but with high speed and low energy protocols.
Bluetooth Low Energy, marketed as Bluetooth Smart, aims to provide a considerably lower power consumption and cost while still maintaining the same communication range as the classic version. The first smartphone that implemented this technology was the iPhone 4S with the iBeacon, an indoor proximity sensor developed by Apple. Beacons have gone a long way from the time that it was first introduced to the market. But the bigger question is what part will the Bluetooth Smart Beacons play in the realization of the Internet of Things.
In over the last twelve months, this Bluetooth Smart Beacons have emerged as a key anchor technology in the retail industry. According to ABI Research's latest report, these devices will play a significant role not just in commercial and retail industries, but also in Connected Homes and Personal Asset Tracking as they feed into the much larger network, the Internet of Things.
“It may surprise many to see that retail is the smallest market covered in the report. In building terms, many stores are relatively small in comparison to a corporate office or hospital, while the items being tracked i.e. consumers, are already BLE-enabled through their smartphones, further limiting the number of beacons required.” ABI senior analyst, Partric Connolly said.
The report highlights that there are several markets that will generate larger volumes of Bluetooth Smart Beacon shipments in the next five years, therefore creating a whopping 60 million unit market. ABI reports that by the end of the year, standalone Bluetooth Smart Beacons will reach an estimated 40% share. At this point, the largest component of the Bluetooth chipset market are smartphones and tablets which covered 62% of shares last year.
ABI Research director, Philip Solis said:“End user products such as smartphones and PCs have been shifting away from standalone solutions for some time now, and smartphones have shifted to integrated platforms with Bluetooth as well.”
“On the other hand, there is a growing long tail of devices around the Internet of Things (IoT) that will gravitate towards standalone Bluetooth in many cases. The end result is that standalone Bluetooth ICs will remain steady in share and grow with the overall market.”
Bluetooth Smart Beacons have become a dominant short-range connectivity solution and has a universal penetration being widely integrated into computing and consumer electronic platforms. And as this market grows, manufacturers and developer have uncovered several other uses of such devices. “We will see silos of beacon networks emerging over the next 5 years, and larger companies like Apple and Google must consider how to aggregate this into a cohesive system, creating new revenue opportunities”, the ABI analyst said.
In addition, Bluetooth SIG predicts that by 2018, over 90% of Bluetooth-enabled mobile devices will be supporting Bluetooth Smart, and will be made compatible with Bluetooth Smart Beacons as it becomes widely used in various IoT applications. With that, the organization has defined several profiles for these low-energy devices. In 2014, a Bluetooth Smart protocol called CSR mesh was published with the purpose of supporting the growth of several sectors in the Internet of Things, particularly proximity sensing for personal and asset tracking, sports and fitness as well as healthcare.
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Airbiquity Deploys European Content Providers On Its Choreo Connected Car Services Delivery Platform
Airbiquity Responds to Driver Demand for Locally-Relevant In-Vehicle Infotainment.
Airbiquity Inc., the global leader in connected car services, today announced the deployment of two best-of-breed content providers to serve the European connected car market, including Eurosport.com, the leading sports news and information provider in Europe, and NAVX, the leading fuel station location, pricing, parking, and EV charge point information provider. Both deployments reflect the growing importance of the connected car market, driver demand for locally relevant in-vehicle infotainment, and the continued regionalization of the Airbiquity smartphone app and cloud content portfolio made available to their automotive OEM customers.
Airbiquity's Choreo connected car services platform provides the latest vehicle connectivity technology, program services, management capabilities, and the ability to easily customize, deploy, and scale connected car programs in 50+ countries and 30+ languages. Airbiquity's Driver Experience solution, which runs on the Choreo platform, enables turnkey infotainment delivery featuring a managed portfolio of popular global and regional smartphone apps, cloud content, and support for basic and premium automotive services if desired.
Airbiquity's integration of the NAVX fuel finder application enables real-time fuel station location and pricing data, one-touch navigation, and helpful calling features allowing drivers to easily locate and contact the nearest preferred fuel station. NAVX also lets drivers assess fuel stations sorted by distance, price, or brand. When a selection is made NAVX automatically activates the vehicle on-board navigation system and efficiently directs drivers to their desired location.
Airbiquity's Eurosport.com integration provides European drivers with the latest news and updates for a wide spectrum of popular sports to European fans, including international coverage of football, tennis, Formula One racing, cycling, rugby, cricket, winter sports, Olympics, and more. Eurosport content is displayed directly on the vehicle head unit and utilizes enhanced text to speech capability to read headlines, news stories, and the latest scores to drivers thereby minimizing distractions and helping to keep their eyes on the road.
“Eurosport.com is Europe's #1 online sports destination with a very loyal user base featuring an average of 20 million unique visitors per month, and NAVX is the de facto regional source for fuel price information,” said David Jumpa, Airbiquity Chief Revenue Officer.
“By partnering with these highly regarded content providers we're able to offer rich, localized connected car infotainment to our automotive OEM customers and their European drivers further solidifying our position as the global leader in connected car solutions.”
Airbiquity's Choreo connected car services delivery platform serves over 4 million vehicles around the world and supports hundreds of millions of vehicle transactions per month for leading automotive OEMs. Driver Experience, Airbiquity's latest product offering, was announced in 2013 and began providing infotainment delivery for Nissan North American Altima and Rogue model lines. Since then Airbiquity's Nissan deployment has gone global and now encompasses nine model lines: Altima, Frontier, Juke, March, Rogue, Sentra, Serena, Versa, and Xterra.
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CSRmesh™ Development Kit Accelerates Internet of Things Product Development
Development Kit Enables Rapid Deployment of Bluetooth
PLAT.ONE, the First Enterprise-Grade Application Platform partners with Telecom Italia Digital Solutions to Drive Connected Industry Solutions
PLAT.ONE to power Telecom Italia's M2M & IoT offering beginning with vending.
ABO Data announces a partnership with Telecom Italia Digital Solutions (TIDS) to develop and deploy Enterprise-Grade solutions for the ‘connected' industry.
This partnership couples TIDS' superior commercial and solution development capabilities with PLAT-ONE's rich library of connected solutions built on the PLAT.ONE Enterprise-Grade application platform. The initial focus of this collaboration is a suite of solutions to provide end-to-end management of vending machines primarily in the food and beverage sector. This solution enables vending operators to track their machines, monitoring operations, collecting and analyzing real-time data and even launching updates remotely. According to market analysts, the numbers of connected devices in the vending industry will top over 3 million globally by 2018.
The two companies will also develop a range of services around specific industrial solutions, ranging from telemetry to remote control and automated diagnostics. PLAT.ONE is already available on Nuvola Italiana (Telecom Italia Cloud) supporting the rapid deployment of Enterprise-Grade connected solutions.
“Telecom Italia's customers have high expectations and have always received best in class solutions. We are very pleased to bring our Enterprise-Grade platform to meet these demands of quality and satisfaction” stated ABO Data CEO Antonio Murroni. “PLAT.ONE's features and functionalities are uniquely suited for such where high-scalability and mission critical reliability are essential.”
“Machine to Machine and Internet of Things solutions will rapidly grow in the near future. Enterprises are willing to integrate these new technologies as part of their core business processes, therefore requiring high quality service levels and future proof scalable and flexible solutions.”
“In this scenario ABO Data's PLAT-ONE Enterprise-Grade solution will enable Telecom Italia Digital Solutions to achieve leadership in the connected-industry market allowing us to be closer to the needs of our customers” stated Luigi Zabatta, Executive Director of the M2M and Internet of Things Services Line of Business within TI Digital Solutions.
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Cubic Telecom secures $5M investment from Qualcomm and Sierra Wireless and launches new funding round to secure additional $15M
Cubic Telecom, the Irish High Tech start-up, has today announced that it has secured a combined $5 million investment from Qualcomm Inc, the world's leading provider of wireless technology and services, and Sierra Wireless, Inc. the global leader in machine-to-machine (M2M) devices and cloud services.
Added to earlier financing rounds, the $5M investment brings the company's total investment to date to $15M. The company is also launching a new funding round to secure a further $15M from potential investors.
Cubic Telecom is a licensed Mobile Network Operator that focuses on providing mobile connectivity solutions for OEMs, M2M devices and some of the world's leading retailers. The company is actively working with some of the world's leading Fortune 100 tablet and notebook manufacturers including HP, Lenovo, Panasonic and others, and more recently it has expanded its business to partner with some of the most innovative M2M and automotive companies in the world.
Cubic Telecom's applications and technologies are embedded into the device at the manufacturing stage, enabling always-on connectivity anywhere in the world. Cubic Telecom is providing the market with smart connectivity solutions, over the air, across all networks, geographies and operating systems.
With this round of financing, Cubic Telecom will continue to invest in its unique software platform and global network, in addition to focusing on expanding its operations across the world to meet the demands and global footprint of its rapidly expanding customer base.
Commenting on the investment, Peggy Johnson, Executive Vice President, Qualcomm said:
“The Internet of Things (IoT), machine-to-machine (M2M), sponsored connectivity and the era of affordable pre-paid service offerings is upon us, and Cubic Telecom provides a robust, ubiquitous, cross-border platform for device and service manufacturers to launch new innovative products.”
“The Qualcomm investment in Cubic is very much in line with our goal of developing the eco-system necessary for these verticals to grow.”
“Cubic Telecom is a leader in providing mobile wireless services to some of Sierra Wireless' top customers, including Lenovo, Panasonic and Tesla Motors,” said Jason Cohenour, CEO, Sierra Wireless. “Our investment will enable Cubic to accelerate the expansion of its global platform, enabling our joint customers to more rapidly adopt cellular wireless connectivity for both Enterprise and IoT applications.”
Barry Napier, CEO, Cubic Telecom said:“This investment, coming from two of the world's leading technology organisations, is a testament to the fact that we're following the right strategy and have the right technology. An open platform providing connectivity across all networks, geographies and operating systems is at the top of all OEMs agenda. The Cubic Telecom platform delivers on this and has been tailored with direct input from our customers, investors and partners. The platform technology provides a means for our customers to establish a continuous, post-sale relationship with their customers while generating brand loyalty and more crucially, sustainable incremental revenue streams”.
He went on to say: “This round of investment will enable us to continue to expand to meet current and future demands of our global customers”.
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Wearable Tech Needs Fashion Collaboration and Business Model Revamp
Image source: static.dezeen.com
Guest post by Eva Enanoria.
While it is true that wearables have created such a buzz these days with new electronic wristbands, health monitors and smartwatches emerging in the market every so often, and with giant tech companies such as Google, Samsung and Apple, leading the battle for the best wearable electronic device in town, there is no question. Yes, wearable technology is indeed the most exciting trend in the technology market today!
Statista.com forecasts that wearable devices will reach a market value of $12.6 billion in 2018, and is expected to include Google Glass products and Apple's most anticipated addition to its line of cutting edge products, the iWatch. Beecham Research, IDTechEx, IHS and other research firms seem to agree with this forecast. Beecham Reseach expects the market's worth to reach $3 billion by 2018, however, believes that the market has the potential to grow even bigger with a multidisciplinary approach and greater collaboration. Meanwhile, IHS expected sales of health, sports and fitness wearables to reach $2.8 billion in 2019, and the total base of these wearable devices will swell up to 120 million.
Nonetheless, analysts say that wearable technology, as popular as it is right now, failed to achieve its full potential. And unless developers and vendors learn to address its major challenges, it may never be able to establish itself as something more than just a piece of technology that can fade with its novelties. According to Beecham Research's principal analyst, Saverio Romeo:“Too many technology-led companies see wearable devices as simply the next wave of smartphones or accessories and pay lip service to aesthetics and style. Current market forecasts are based on a smartphone-centric view of wearable technology. But while these devices may have some smartphone functionality, they will be much more than smartphones.”
Beecham's fashion technology analyst, Claire Duke-Woolley added that:
“There is a real difference between making technology wearable, versus making technology products that are desirable and genuinely engage with consumers through good design practice. It's time for the fashion industry to embrace technology and for tech companies to realize that they can't do it on their own and need the knowledge and influence of major fashion brands.”
Integration of fashion and technology indeed needs to avoid compromising aesthetics an functionality. Although, the fashion industry is now slowly adopting new concepts for clothes that will not just look good on them, but also allows them to communicate and do more. Take for instance, the emergence of smart fabric technology market where smart textile become recognized. Products such as traceable clothing and solar powered cycling jackets that let users charge mobile phones with it. However, cutting edge wearable devices may also need to be fashionable to appeal to a wider audience. The fashion industry dictates how people should look. Undeniably, it also has power over consumers' spending habits and can greatly influence what appeals to the consumers.
Jack Kent of IHS, expressed similar thoughts about addressing challenges in the wearable technology market, when he said that “Wearable apps provide new opportunities, but business models must evolve”. Kent further noted that health and fitness as well as notification services are apparently pulling the most interest from consumers. However, many apps in the market remain too focused on traditional and single user-pay models. There is a need to find other means to sustain revenues from users, which can be done through subscription and service-based models, according to Kent in his report, The New Economics of Mobile Media: Strategies for Mobile and Wearable Apps.
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PTC to Acquire Axeda to Expand Internet of Things Technology Portfolio
Axeda's connectivity expertise to extend PTC's ability to deliver secure, closed loop lifecycle management for smart, connected products.
PTC (Nasdaq: PTC) today announced it has signed a definitive agreement to acquire privately-held Axeda Corporation, a pioneer in the development of solutions to securely connect machines and sensors to the cloud, for approximately $170 million in cash.
Axeda's technology innovation, extensive customer base, and powerful partnerships directly complement the PTC ThingWorx business, and will accelerate PTC's ability to deliver best-in-class solutions across the entire Internet of Things technology stack. Subject to satisfaction of customary closing conditions and certain regulatory approvals, the transaction is expected to be completed in PTC's fiscal Q4 2014.
Secure connectivity, and the ability to leverage machine data to create new business value, are critical components of the Internet of Things (IoT) technology stack and are in increasing demand as more companies pursue a smart, connected product strategy. An innovator in the IoT technology market, Axeda currently serves more than 150 customers, processing hundreds of millions of machine messages daily across multiple industry sectors. The company has a broad partner ecosystem that includes leading mobile network operators, edge device and design-in device makers, systems integrators, and business systems/analytics providers and its technology leadership led to several strategic OEM agreements with leading IoT technology and solution providers.
“The world we live in is changing around us, and the pace of that change is accelerating as more and more machines, sensors, and products connect via the Internet to their makers, to their operators, and to each other,” said PTC president and CEO Jim Heppelmann. “In recent years, products have become tremendous sources of intelligence as they have been increasingly instrumented with sensors. Until now, manufacturers have been constrained in their ability to securely collect that data and make sense of it all. Axeda's innovative approach to machine connectivity delivers exactly what manufacturers need to capitalize on the massive amounts of data now available from their smart, connected products.”
Core to Axeda's IoT technology is the ability to enable companies to establish secure connectivity and remotely monitor and manage a wide range of machines, sensors, and devices. The Axeda Machine Cloud Service includes machine-to-machine (M2M) and IoT connectivity services, software agents, and toolkits that enable companies to connect their products to the cloud using virtually any communication channel (e.g. cellular networks, the Internet, WiFi, or satellite). Axeda's end-to-end security strategy covers all levels of the IoT technology stack, including network, application, user, and data security. Axeda has attained ISO 27001:2005 certification, supporting the company's focus on delivering the highest levels of security, performance, and availability.
In addition, the Axeda Connected Machine Management application set empowers companies to remotely monitor and service products, including the ability to deliver over-the-air software updates.
“Axeda was early to see the potential of the IoT space and we consider ourselves a true market innovator,” said Todd DeSisto, president and CEO, Axeda. “Our technology solutions enable companies to connect to, and manage machines and the data they generate to create new business opportunities. We share PTC's vision for the transformative power of smart, connected products and are excited to contribute to PTC's leadership position in this fast growing market.”
In the IoT era, PTC's customers are developing increasingly smart and connected products which can generate value in new ways as streams of real-time operational data are captured, analyzed, and shared to deepen a company's understanding of its products' performance, use, and reliability. PTC intends to leverage the Axeda technology portfolio to complement its existing ThingWorx