(PARAMETRIC)(PMTC) Parametric Technology to Acquire ICEM Technologies, a
Leading Developer of Advanced Surface Modeling Software
(Business Wire; 04/27/98)
WALTHAM, Mass.--(BUSINESS WIRE)--April 27, 1998--
Addition of ICEM Technology Now Provides PTC with Industry-Leading
Suite of Software Tools for Advanced Surfacing,
Industrial Design and Concept Modeling
Parametric Technology Corporation (NASDAQ:PMTC), a leading supplier of
software tools used to automate mechanical product development, announced
that it has signed a definitive agreement to purchase ICEM Technologies, a
German-based division of Control Data Systems Inc. of Arden Hills, Minn., for
up to approximately $45 million in cash. The ICEM Technologies'
located in Frankfurt, Germany.
The purchase should be completed within 45 days subject to various
conditions. In connection with the transaction, PTC will record a one-time,
cash charge against earnings during its current fiscal quarter (ending July 4,
1998) related to the write-off of in-process research and development.
ICEM Technologies is best known for its ICEM Surf advanced surfacing and
reverse engineering software tools, which are widely used by body and styling
engineers throughout the automotive and aerospace industries. Approximately
10,000 seats (units) of ICEM's various products are used by 1,200 companies
worldwide. The division's primary development locations are in Hannover and
Braunschwieg, Germany, and there are additional development sites in Toulouse,
France as well as Arden Hills, Minn.
"ICEM's best-in-class software tools for advanced surface modeling and
reverse engineering are excellent extensions to the PTC product portfolio,"
said Steven C. Walske, chairman and chief executive officer of Parametric
Technology. "ICEM Surf is regarded by many in the industry as the premiere
system for the creation and development of Class A surfaces. We expect this
technology to significantly enhance our competitive position in automotive
engineering and styling applications. It is also a nice complement to the CDRS
surfacing technology that we acquired in 1995, and which today is
used by companies for early-stage conceptual design as well as for a wide
of industrial design applications."
He added, "The acquisition is also a good tactical complement to our
recently completed merger with Computervision. Similar to Computervision, ICEM
has strong relationships with major automotive and aerospace companies
throughout Europe. With this acquisition we immediately strengthen our
development and consulting resources in the region, which should be perceived
very positively by our European customers."
Walske noted that current customers of ICEM's advanced surfacing
technology include Audi, BMW, Daimler-Benz, Fiat, Ford, General Motors, Honda,
Hyundai, Jaguar, Lear, Lotus, Porsche, PSA-Peugeot, Rover, Toyota, Volvo and
Parametric Technology Corporation is one of the world's largest
independent software companies
CONTACT: Parametric Technology Corp.
Investor Relations Contact
John W. Hudson, (781) 398-5561
Public Relations Contact
Kelly Sheridan, (781) 398-6493
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