202222 Nov

PTC to acquire peer ServiceMax in $1.5bn transaction — Financier Worldwide

Summary

The transaction will be funded with cash on hand, borrowings under PTC’s existing credit facility, and a new $500m committed term loan. “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. “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 chief executive of ServiceMax. “PTC has a strong and consistent track record of success, and now following the growth and innovation we have achieved during our partnership with Silver Lake, we are excited for the ServiceMax team to strengthen the service offerings of PTC’s digital thread and closed-loop PLM portfolio.” Global private equity firm Silver Lake had bought a majority stake in ServiceMax in 2019.

Source: Financierworldwide

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