PTC Receives $10.4M Software and Services Award from Raytheon

NEEDHAM, MA. - December 16, 2002 - PTC� (Nasdaq: PMTC), the product development company, today announced it has received a $10.4 million multi-year follow-on order for software upgrades, new modules and services from Raytheon Company (NYSE: RTN), a recognized leader in defense and aerospace systems worldwide. The software was shipped during PTC's fourth fiscal quarter (ended September 30, 2002). 

Raytheon's government, defense and commercial electronics businesses have standardized on PTC's flagship software, Pro/ENGINEER and its family of related technologies, for product design and development. The new software will be used to support Raytheon's global initiatives in an international network of 34 sites, spanning three continents. Raytheon's corporate product development initiatives are designed to help deliver world-class systems with lower costs and improved lifecycle supportability. 

"Raytheon clearly understands the strategic importance of product development and putting the product first," said Paul Cunningham, executive vice president, Americas Sales at PTC. "At PTC, we understand the strategic opportunities product development presents. We know how to assist companies in driving growth and profitability by enhancing that process."

About PTC 

PTC (Nasdaq: PMTC) develops, markets, and supports software solutions that help manufacturers win with superior products. PTC is the world's largest software company with a total commitment to product development. The company services more than 32,000 customers worldwide. 

www.ptc.com

 

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