Similar outlook
PTC was no stranger to TWNKLS when Lex van der Sluijs and his partner Gerben Harmsen explored the possibility of forming a partnership with this organisation.
‘The AR software development kit we use to create our projects is from PTC,’ Lex explains. ‘I met the Vice-President of Product Planning for this software at a conference in 2010 and have kept in touch with him and followed the company ever since. We’re an inherently project-driven organisation and develop a lot of custom products, both for consumer brands and for technical companies. When we started getting more frequent process-related questions from technical people that could be answered with a more standard solution, we approached PTC. They’ve developed an excellent platform over the years and share a similar outlook with us on the future of industrial applications and the contribution of AR.’
Generating figures according to the American model
‘At some point during the partner negotiations, someone from PTC jokingly asked if they wouldn’t be interested in taking us over,’ says Lex. ‘Our customised approach, creativity and ability to solve problems appealed to them as potential additions to their services. When the idea of an acquisition started to become more serious and we received an impressive questionnaire from them, we ended up contacting IRIS CF through our network. Jan-Willem Ditters and the team at IRIS CF helped us answer all the questions and generate the figures according to the American model. Their model is based on different principles than ours in the Netherlands, and obviously we didn’t have that knowledge in-house.’
At some point during the partner negotiations, someone from PTC jokingly asked if they wouldn’t be interested in taking us over.
Working in a data room
‘A virtual data room was set up specifically for this deal. That was new for us as well and good to experience. The data room is a secure online repository for sharing all the documents we produced for this transaction. The process of making an inventory and providing full disclosure was time consuming but enjoyable. First, because we feel it’s important to be open and honest, and second, because we were going to become colleagues of PTC after the acquisition. So you want to ensure that everything is dealt with properly. When we officially closed the data room that was the first milestone towards the sale.’
Closing the deal in Boston
The rest of the deal was negotiated and closed in Boston. ‘Jan-Willem from IRIS CF accompanied us to Boston,’ Lex says, ‘which made life a lot easier for us. He’s used to these transactions, knows all the ins and outs and makes sure that emotion doesn’t interfere with the process. This enables him to maintain adequate oversight. We’re very happy with this deal. All the more, because PTC is a company we’ve been following and admiring for years. Our cultures go well together, and that makes the work enjoyable. We’re going to continue working from Rotterdam, but now we’ll have the expertise of 6,000 smart colleagues worldwide within easy reach. That’s another upgrade.’
We’re going to continuing working from Rotterdam, but now we’ll have the expertise of 6,000 smart colleagues worldwide within easy reach.
Stronger together
Lex is currently Technical Vice-President of PTC. ‘We’re really pleased with the partnership. When we were alone at the helm of TWNKLS, it was often either full steam ahead or a complete standstill. And if you had your hands full with projects, there was little time for acquisition. Companies always knew how to find us, but this has taken years of hard work. Given the market developments that we’re anticipating, it was important for us to partner with a large party. AR is being adopted more and more in industrial processes, and now we have the strength to respond to this. It’s great to see that our employees are now helping to build the platform they’ve always admired. That makes them proud. And now I have the freedom and all the knowledge available through PTC to pursue my own innovation projects. It’s like being on a playground with no end to the action.’
Transactions
Deze bedrijven vertrouwen op IRIS CF
