Factory automation equipment maker Rockwell Automation has announced that it has will buy an 8.4% stake in PTC Inc for around $1 billion as it looks to build on its software capabilities to make smarter manufacturing processes for customers. Rockwell makes electronic motor starters, relays and timers for industries and has been strengthening its capabilities in the so-called Internet of Things (IoT), or technology that allows different devices and systems to communicate with each other over the internet. PTC is a well know software maker which is highly involved in the PLM (Product Lifecycle Management) space as well as 2D and 3D design tools. Leveraging Rockwell’s domain expertise with PTC’s technology will help companies to capitalize on the promise of industrial IoT according to PTC. Rockwell Automation’s chairman and Chief Executive Officer Blake Moret will join PTC’s board after the deal closes, which is expected within the next two months.