ServiceMax to acquire LiquidFrameworks from Luminate Capital

Luminate Capital Partners has agreed to sell LiquidFrameworks to ServiceMax.

Luminate Capital Partners has agreed to sell LiquidFrameworks to ServiceMax. The purchase price is $148 million. LiquidFrameworks is a mobile field operations management solutions company specializing in the energy industry.

PRESS RELEASE

PLEASANTON, Calif., Nov. 1, 2021 /PRNewswire/ — ServiceMax, Inc., a leader in asset-centric field service management, today announced the completion of the previously announced transaction to acquire LiquidFrameworks, a leading mobile field operations management solutions company, specializing in the energy industry, from Luminate Capital Partners, a private equity firm investing in growth and enterprise software companies.

“We are excited to officially welcome the LiquidFrameworks team to ServiceMax,” said Neil Barua, CEO, ServiceMax. “Like all asset-centric industries, the oil and gas sector is adopting new digital systems aimed at maintaining assets, improving productivity, and growing revenue. With the acquisition of LiquidFrameworks, ServiceMax is better positioned to meet those needs, while expanding our product portfolio and go-to-market channels.”

LiquidFrameworks’ FieldFX is a cloud-based mobile field operations software suite designed to manage contracts, quotes, equipment, jobs, and field tickets for service companies in the energy industry. ServiceMax will incorporate the FieldFX product suite from LiquidFrameworks into the ServiceMax portfolio alongside its Core and Asset 360 offerings.

“The combination of two companies that have a longstanding history of field service management in the energy sector is exciting. Our customers will greatly benefit from breadth and depth of our product and services offerings,” said Travis Parigi, CEO and Founder of LiquidFrameworks. Parigi will join the ServiceMax leadership team to support the company’s focus on an end market that is positioned for growth and digital transformation.

Transaction Key Facts
During calendar year 2020, LiquidFrameworks generated revenue of $22 million, of which 91% is recurring SaaS revenue.
The total purchase price was $148 million, on a cash and debt free basis, subject to working capital adjustments. The acquisition was financed from ServiceMax’s cash on hand and borrowings.
New borrowings include a $100 million term loan supported by ServiceMax’s SaaS business model.

AGC Partners is acting as financial advisor and Kirkland & Ellis LLP as legal advisor to LiquidFrameworks and Luminate. Centerview Partners is acting as financial advisor and Ropes & Gray LLP is acting as legal advisor to ServiceMax.

About ServiceMax
ServiceMax’s mission is to help customers keep the world running with asset-centric field service management software. As a recognized leader in this space, ServiceMax’s mobile apps and cloud-based software provide a complete view of assets to field service teams. By optimizing field service operations, customers across all industries can better manage the complexities of service, support faster growth and run more profitable, outcome-centric businesses. For more information, visit www.servicemax.com.