BOSTON, Oct. 31, 2023 — (PRNewswire) — PTC (NASDAQ: PTC) today announced that it has established a strategic supplier relationship with Volkswagen Group, focused on the adoption of PTC's Codebeamer^® application lifecycle management (ALM) solution to support the software development for the next generation of electric vehicles from the Volkswagen Group and its brands. Codebeamer is expected to enable greater efficiencies in Volkswagen Group's engineering practices for software requirements management, test management, and release management as part of new electric vehicle development. As the relationship progresses, PTC and Volkswagen Group expect to scale the use of Codebeamer across multiple Volkswagen Group engineering teams to support the software development process.

"Volkswagen Group and its portfolio of brands produce some of the most iconic vehicles in the automotive industry, and PTC is thrilled to support their software development and electrification strategy with Codebeamer," said Jim Heppelmann, Chairman and CEO, PTC. "Our close collaboration with Volkswagen Group will advance PTC's efforts to make Codebeamer the leading ALM solution for the automotive industry. We look forward to working with Volkswagen Group on the successful adoption of Codebeamer to enable more efficient electric vehicle engineering practices."

An ALM solution like Codebeamer is an important tool for enabling the efficient development of software and to help ensure that the software components for different vehicles are planned, tested, and released. PTC will work collaboratively with Volkswagen Group on the transition to Codebeamer from pre-existing ALM tools and on the definition and implementation of software best practices for the automotive industry. Volkswagen Group's use of Codebeamer is expected to inform future Codebeamer roadmap priorities and requirements to enable PTC to gain ALM market share in the automotive industry.

"Software and electrification represent the future of the automotive industry, and Volkswagen Group is harnessing the two together to better meet the expectations of customers and provide a superior driving experience," said Klaus Blüm, Head of Volkswagen Group IT Products & Architecture. "Volkswagen Group views PTC as a strategic supplier for our Group-wide product development strategy, and we look forward to our work together to make Codebeamer a successful tool for our software development and vehicle engineering teams."

About PTC

PTC (NASDAQ: PTC) is a global software company that enables industrial and manufacturing companies to digitally transform how they engineer, manufacture, and service the physical products that the world relies on. Headquartered in Boston, Massachusetts, PTC employs over 7,000 people and supports more than 30,000 customers globally. For more information, please visit www.ptc.com.

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