Rockwell Automation Corp. ROK, -0.36% said Monday it will make a $1 billion equity investment in PTC Inc. PTC, +0.61% as part of a strategic partnership aimed at accelerating growth for both companies. Rockwell Chief Executive Blake Moret will join PTC’s board of directors when the equity investment closes. Under terms of the investment, Rockwell will buy 10.58 million newly issued PTC shares at $94.50 a share, which is 8.6% above Friday’s closing price of $86.99, to give Rockwell an 8.4% ownership interest in PTC. As part of the partnership, the companies will align their respective smart factory technologies, combining PTC’s ThingWorx internet of things, Kepware industrial connectivity and Vuforia augmented reality platforms with Rockwell’s FactoryTalk MES, FactoryTalk analytics and industrial automation platforms. PTC and Rockwell shares were still inactive in premarket trade. PTC’s stock has run up 53% over the past 12 months, while Rockwell shares have gained 9.8% and the S&P 500 SPX, +0.31% has climbed 14%.