TPG has launched Velotic, a new Boston-based industrial software company formed through the acquisition of GE Vernova's Proficy manufacturing software and PTC's industrial connectivity and IoT businesses. The private equity firm has appointed Brian Shepherd as CEO and former PTC CEO James Heppelmann as executive chairman.

Velotic serves customers across manufacturing, oil & gas, utilities, and infrastructure sectors. The platform combines Proficy, Kepware, and ThingWorx as distinct product lines within its broader portfolio. TPG's Art Heidrich stated that Velotic is positioned to accelerate the integration of AI into operational technology across industrial and manufacturing operations.

The formation of Velotic represents a strategic consolidation of industrial software capabilities, bringing together trusted platforms that customers rely on for their operations. By uniting these complementary technologies, Velotic aims to unlock new value for customers through enhanced innovation and AI-driven solutions.