Velotic™ Launches to Shape Future of Industrial & Manufacturing Software

Combining GE Vernova’s former Proficy business and PTC’s former Kepware and ThingWorx businesses, Velotic will provide new levels of AI-driven manufacturing efficiency, productivity, and data visibility

Manufacturing software veteran Brian Shepherd named CEO, Former PTC CEO James Heppelmann named Executive Chairman

Boston, MA – Velotic™ today announced its launch as a leading independent industrial software company, uniting multiple trusted platforms to advance a new era for industrial and manufacturing technology. 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 delivers a leading suite of data-driven solutions focused on improving processes by unlocking efficiency, enhancing productivity, and providing visibility across complex data and industrial operations.

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. 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.

Manufacturing software veteran Brian Shepherd will serve as the CEO of Velotic, bringing 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 & 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 Brian Shepherd, CEO of Velotic. “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. “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.”

“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. "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.”

Velotic is a leading independent industrial software company, providing an AI-focused, hardware-agnostic, and flexible suite of platforms for customers around the world. Based in the Boston area, Velotic has more than $300 million of revenue and serves customers across manufacturing, oil & gas, utilities, and infrastructure. Proficy, Kepware, and ThingWorx will remain as distinct product lines within the broader Velotic portfolio, now operating under one mission and platform.

About Velotic™

Velotic™ is a leading independent industrial software company providing data‑driven solutions that improve manufacturing efficiency, productivity, and operational insight. Serving customers across manufacturing, oil & gas, utilities, and infrastructure, the company generates more than $300 million in revenue. Velotic’s portfolio, anchored by Proficy, Kepware, and ThingWorx, supports the growing data and performance requirements of industrial operators globally, with an emphasis on AI‑enabled manufacturing and industrial software. Learn more at www.velotic.com.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $303 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams and communities.

Contacts

Velotic
Iain Michel
media@velotic.com

TPG
Courtney Power & Ethan Cherry
media@tpg.com