Internet of Things software maker PTC has agreed to acquire the Vuforia business from Qualcomm Connected Experiences, a subsidiary of Qualcomm, for $65 million. Under terms of the agreement, PTC will acquire the Vuforia business, including the developer ecosystem. PTC plamns to continue investments in the Vuforia platform and to support and grow the Vuforia ecosystem.

Vuforia is a mobile vision platform for augmented reality (AR), a technology used most commonly in retail applications in order to meld real-world and computer-generated material. Today, Vuforia is supported by an ecosystem of developers in 130 countries, and has powered more than 20,000 apps with more than 200 million app installs worldwide.

The combination of Vuforia and PTC leverages two transformational technology trends – Internet of Things (IoT) and augmented reality (AR) – to deliver a new class of products that merge the digital and physical worlds. When coupled with PTC’s IoT and analytics platforms, Vuforia unlocks a world of possibilities for creating new ways to design products, to monitor and control products, and to instruct operators and technicians in the appropriate methods of use and service.

The transaction is expected to close by the end of calendar year 2015, subject to customary closing conditions.