ITC Infotech, an IT service management company, completed the acquisition of PLM, an implementation services business, from PTC, an American computer software and services company, for $33m. "The overall commitments of ITC Infotech under the agreement are estimated at around $115m of which $33m in cash was received by PTC at the closing of the transaction, with the remainder consisting of a mix of committed and contingent items deliverable over a period of 5 years in accordance with the terms of the agreement," ITC Infotech.