$300m venture unites Proficy, Kepware and ThingWorx for ’new era’
23 March 2026 
A new industrial software business, called Velotic, has been created by bringing together the Proficy business, formerly owned by GE Vernova, with the Kepware industrial connectivity business and the ThingWorx industrial data and analytics operation, previously owned by PTC. The announcement follows last year’s acquisition of these businesses by the US-based asset management firm, TPG.
PTG says that the new conglomerate brings together trusted platforms to advance a new era for industrial and manufacturing technologies. It adds that the combined business “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”.
Boston-based Velotic, which has combined revenues of more than $300m, will offer an AI-focused, hardware-agnostic suite of platforms for customers around the world. Proficy, Kepware, and ThingWorx will stay as separate product lines within the Velotic portfolio.
The manufacturing software veteran Brian Shepherd has been named as Velotic’s CEO, bringing more than 25 years of experience of manufacturing technologies, including periods at Rockwell Automation, Hexagon Manufacturing Intelligence and PTC. PTC’s former chairman and CEO, James Heppelmann, is the executive chairman.
“Today marks an exciting new chapter for our industry, our partners, and the customers we serve,” says Shepherd. “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’ organisations forward for more than a decade,” adds Heppelmann.” 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. 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.”
TPG announced last September that it was acquiring GE Vernova’s Proficy software business for $600m. There are more than 20,000 Proficy users in the discrete, process and hybrid manufacturing sectors. Its portfolio includes cloud-based and on-premises HMI/Scada, MES, industrial data management and analytics products. The deal closed earlier this month.
In November, TPG announced that it was also buying PTC’s Kepware industrial connectivity and ThingWorx IoT businesses and would inject capital and expertise into them to accelerate their growth. TPG is paying $523m for the businesses, in the deal that closed last week.
“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,” says TPG partner, Art Heidrich. “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.”
TPG: LinkedIn
