PTC to acquire software firm ServiceMax for $1.46bn from Silver Lake

The deal is expected to close in early January 2023.

  • PTC is a maker of business and workforce productivity software
  • Centerview Partners LLC acted as financial advisor to PTC on the transaction while Goodwin Procter LLP served as legal counsel
  • Barclays was financial advisor to ServiceMax and Ropes & Gray LLP served as legal counsel

PTC has agreed to acquire ServiceMax, a field service management software company, for about $1.46 billion from Silver Lake.

The deal is expected to close in early January 2023.

PTC is a maker of business and workforce productivity software.

“The addition of ServiceMax will realize a key part of PTC’s closed-loop PLM strategy,” said Jim Heppelmann, president and CEO of PTC in a statement. “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.”

Centerview Partners LLC acted as financial advisor to PTC on the transaction while Goodwin Procter LLP served as legal counsel. JPMorgan Chase Bank, N.A., BofA Securities, Inc., The Huntington National Bank, and TD Securities (USA) LLC will provide transaction financing to PTC.

Barclays acted as financial advisor to ServiceMax while Ropes & Gray LLP served as legal counsel.