PTC Expands Portfolio With $1.4B SericeMax AcquisitionPTC Expands Portfolio With $1.4B SericeMax Acquisition
The two companies have been partners since 2015 and the sale marks PTC’s second major purchase this year
November 28, 2022
PTC will acquire ServiceMax, a cloud-native field service management software developer, in a deal worth $1.46 billion.
PTC said the acquisition will help strengthen its closed-loop product lifecycle management (PLM) offerings, expanding its reach to its downstream enterprise asset management and field service management capabilities.
“The addition of ServiceMax will realize a key part of PTC’s closed-loop PLM strategy,” said Jim Heppelmann, PTC CEO. “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…We are poised to be the only company that will be able to offer manufacturers this comprehensive view of their products at each stage of the life cycle.”
The ServiceMax deal will be funded in two stages, with $808 million paid at closing and $650 million paid in October 2023.
PTC and ServiceMax have been partners since 2015, with the two creating devices for the medical, industrial and aerospace industries.
“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 life cycle,” said Neil Barua, ServiceMax CEO. “We are excited for the ServiceMax team to strengthen the service offerings of PTC’s digital thread and closed-loop PLM portfolio.”
The deal marks PTC’s second acquisition this year, following its purchase of Application Lifecycle Management (ALM) platform developer Intland in a $280 million deal.
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