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Parametric Technology Corp. officially changes its name to PTC

Parametric Technology Corp., the formal name of a Needham company whose specialties include computer aided design, or CAD, and product lifecycle management, has long gone by the short-hand monicker of PTC.

In a press release Thursday, the company announced that it will legally change its name, effective Jan. 28, and that henceforth it will be known as PTC Inc., or PTC, for short.

Jim Heppelmann. File photo. (Yoon S. Byun/Globe Staff)

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According to the company, the name change reflects “the full breadth of its current technology portfolio, market scope, and corporate vision,” and the name change also aligns with its “broadened purpose of helping manufacturers transform the way products are created and serviced.”

“As we look at the landscape of the global manufacturing industry, it is clear that a transformation is underway,” Jim Heppelmann, company president and chief executive, said in a statement. “To address that change, PTC has been evolving as well – expanding our vision, market scope, technology portfolio, and our ability to help our customers achieve competitive advantage. With this move, we are simply updating our legal name to reflect the reality of who PTC is today.”

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