Boston software company PTC strikes $1.5 billion deal to acquire California firm - The Boston Globe
Summary
The deal marks the largest acquisition yet for PTC chief executive Jim Heppelmann, who has been expanding the company’s reach by buying smaller rivals for over a decade. California-based ServiceMax’s software helps manufacturing companies keep track of the serial numbers, features, and service histories of their products. “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,” Heppelmann said in a statement. ServiceMax’s majority owner, private equity firm Silver Lake, acquired its stake in the software company from GE Digital in 2019 for an undisclosed price. The purchase follows failed plans for ServiceMax to go public last year by merging with a special purpose acquisition company.
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