PTC, a global software company, announced it is developing a product development and production platform and will convert software licenses to subscriptions for automotive companies.

The company, which creates technology platforms for design, manufacturing and other business solutions, said it is in the process of developing ThingWorx Industrial Innovation Platform, used for product development and production. It also said that has “accelerated plans” to convert its software licenses to auto industry companies to subscription licenses, which will allow companies to update PTC software more quickly to better help them adapt to business requirements as the industry continues to change with technology.

An early adopter of PTC’s subscription licensing is Toyota, who recently signed a conversion agreement with PTC, the company said. In 2002, Toyota started using PTC’s Creo 3-D CAD (computer-aided design) software and Windchill product lifecycle management (PLM) software to improve its product development efforts, manufacturing efficiency and quality. With the subscription licenses, PTC will help Toyota expand its subscription licenses to its overseas locations.

In an effort to further help auto companies with their global digitalization strategies, the company’s ThingWorx Platform, in which Toyota will support, delivers a set of tools meant to simplify system integration and enable production equipment monitoring, predictive maintenance and augmented reality capabilities.

“We are delighted that ThingWorx, our industrial innovation platform, is enabling world-class companies around the world to improve operational efficiency and harness the value of the Internet of Things,” said Jim Heppelmann, president and CEO of PTC. “We are committed to supporting Toyota’s ‘Making Ever-Better Cars’ initiative with PTC’s technology and resources.”