PTC has signed a definitive agreement to acquire ServiceMax for approximately $1.46 billion. ServiceMax provides a suite of cloud-native, product-centric field service management (FSM) software and capabilities built on the Salesforce platform. These capabilities include managing all relevant information about serviced products—including product description, serial number, service history—creating and managing work orders, and scheduling and dispatching technicians. ServiceMax’s FSM capabilities are also closely integrated with Salesforce’s customer relationship management (CRM) system.
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. The transaction is expected to close in early January 2023.
“The addition of ServiceMax will realize a key part of PTC’s closed-loop PLM strategy,” said Jim Heppelmann, President and CEO of 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.”
“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. “We’re excited for the ServiceMax team to strengthen the service offerings of PTC’s digital thread and closed-loop PLM portfolio.”