French industrial automation solutions company Schneider Electric is close to a deal to acquire U.S. engineering software company PTC for about $20 billion, the Financial Times reported on Oct. 4, citing sources familiar with the matter.

Schneider Electric earlier acquired industrial software company AVEVA for $11 billion in 2023. If the deal goes through, Schneider Electric is expected to strengthen its industrial software capabilities through PTC's design software Creo.

The deal could be announced as soon as Oct. 5, the report said. The two companies are still in talks and it is not certain the deal will be completed, the FT said.

Boston-based PTC provides software that helps manufacturers design products and engineering specifications. Its market value is $15.5 billion, and Schneider Electric's expected offer would represent a significant premium to PTC's closing price on Oct. 2.

Schneider Electric has provided energy and technology services to semiconductor companies including Nvidia.

Schneider Electric CEO Olivier Blum (올리비에 블룸) said last year he would actively pursue software-focused acquisitions. The company agreed in June to acquire industrial data and AI company Cognite for $3.1 billion and last month agreed to buy Bulgarian smart home device company Shelly Group for $1.4 billion.