PTC to acquire field service management-provider ServiceMax
PTC announced that it has signed a definitive agreement to acquire ServiceMax for approximately $1.46 billion in cash on a debt-free, cash-free basis from an entity majority owned by Silver Lake. The acquisition is expected to strengthen PTC's closed-loop product lifecycle management (PLM) offerings by extending the digital thread of product information into downstream enterprise asset management. Subject to the satisfaction of regulatory approval and other applicable closing conditions, the transaction is expected to close in early January 2023, they note.
"The addition of ServiceMax will realize a key part of PTC's closed-loop PLM strategy," said Jim Heppelmann, president and CEO, PTC. "The PLM capabilities PTC has long offered to engineering and manufacturing departments provide the system of record for the digital definition of any product configuration. ServiceMax will complement this by providing the system of record for monitoring and servicing product instances after they leave the factory and move into customer use. Upon completion of this acquisition, PTC will have the unique ability to complement the full digital product definition from our computer-aided design and PLM solutions with detailed usage information from our IoT solutions and the complete service history from ServiceMax. PTC is poised to be the only company that will be able to offer manufacturers this comprehensive view of their products at each stage of the lifecycle."
"ServiceMax and PTC have a longstanding relationship rooted in the common profile of our customers, the natural synergies of our products, and a shared understanding of the importance of product data at different stages of the lifecycle," said Neil Barua, CEO, ServiceMax. "PTC has a strong and consistent track record of success, and now following the growth and innovation we've achieved during our partnership with Silver Lake, we're excited for the ServiceMax team to strengthen the service offerings of PTC's digital thread and closed-loop PLM portfolio."
