Press release
PTC to Acquire Leading SaaS Field Service Management Provider ServiceMax
Acquisition expected to strengthen service capabilities of PTC's closed-loop PLM portfolioPTC's manufacturing customers rely on field service management for
About this update from Ptc Inc.
[{"type":"text","content":"Acquisition expected to strengthen service capabilities of PTC's closed-loop PLM portfolioPTC's manufacturing customers rely on field service management for product performance, customer satisfaction, and profitability expansionStrong synergies between PTC and ServiceMax's manufacturing customers and product portfoliosTransaction expected to be accretive to PTC's SaaS ARR and cash flow in FY'23BOSTON, Nov. 17, 2022 /PRNewswire/ -- PTC (NASDAQ: PTC) today 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. ServiceMax is a recognized leader in cloud-native, product-centric field service management (FSM) software. 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 (EAM) and FSM capabilities. Subject to the satisfaction of regulatory approval and other applicable closing conditions, the transaction is expected to close in early January 2023.\n\n \n \n \n \n \n \n\n \n\"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 (CAD) and PLM solutions with detailed usage information from our internet of things (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.\"\n\"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, Se...