Schneider Electric announced Monday it will acquire industrial software maker PTC for $22.6 billion in cash, its largest acquisition to date. The French company's market value has more than doubled over the past four years as the AI boom drove unprecedented demand for datacenter power and cooling infrastructure.
PTC, founded in 1985, is known for computer-aided design and product lifecycle management software. Schneider CEO Olivier Blum told investors that design-stage tools are critical for helping customers plan products, machines, processes, and energy systems together. The acquisition follows Schneider's $3.1 billion purchase of Cognite in June and its roughly $850 million investment in liquid-cooling specialist Motivair in late 2024.
The buying spree reflects how datacenter hardware has shifted from 40kW air-cooled racks to 250kW liquid-cooled systems that require denser power delivery and thermal management. Schneider intends to use PTC and Cognite to inject software-defined automation into power systems early in development, with datacenters as one of the first targets. The deal, subject to regulatory review, is expected to close late next year.