Silver Lake has closed its previously announced acquisition of ServiceMax from GE Digital. No financial terms were disclosed. JP Morgan served as financial adviser to GE Digital on the transaction with Hogan Lovells providing legal counsel. And, Morgan Stanley was financial adviser to Silver Lake while Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice.
Correction: An earlier headline and version of this news report misstated the details of this transaction. Silver Lake acquired ServiceMax from GE Digital; the firm did not acquire GE Digital from ServiceMax. The information has since been corrected.
PLEASANTON, CA – FEBRUARY 4, 2019 – ServiceMax, the leading provider of cloud-based software for service execution, today announced it has completed the sale of its business from GE Digital to Silver Lake, the global leader in technology investing. Financial terms of the transaction were not disclosed.
ServiceMax offers cloud software that improves the productivity of service execution for global enterprise customers across dozens of industries. In collaboration with Silver Lake, ServiceMax will have the strategic focus required to penetrate the vast $34 billion global Service Execution Management software market. The Company’s vision is to continue its pathway of excellence in both field service management and asset service management, while accelerating growth initiatives and pursuing new strategic partnerships.
“As the long-time leader of Field Service Management, we’re beginning a new chapter for ServiceMax by creating a new category in Service Execution Management,” says Scott Berg, CEO of ServiceMax. “We will benefit from Silver Lake’s investment as we define this new category, while continuing to develop our market-leading technology. We are committed to helping our customers reap the benefits of a service execution platform by leveraging the most-innovative technologies available, including the Salesforce platform. We also look forward to continuing to work with GE Digital through a reseller agreement, ensuring ongoing collaboration to serve our joint customers, including GE’s industrial business units.”
For almost 20 years Silver Lake has invested in enterprise technology leaders while partnering with management. ServiceMax joins current and prior Silver Lake portfolio companies such as Broadcom (then Avago Technologies), Cast & Crew, the Dell Technologies family of businesses (including Pivotal, SecureWorks and VMware), GoDaddy, NXP, Red Ventures, Skype, SolarWinds, Unity and Verily.
“Silver Lake is excited to partner with ServiceMax to help accelerate its growth plans by driving further investments in product innovation and expanding its go-to-market channels. The company is well-positioned for continued leadership in the field service management and asset service management markets during this next chapter of development,” said Kenneth Hao, Managing Partner and Managing Director of Silver Lake.
JP Morgan served as financial advisor with Hogan Lovells serving as legal counsel for GE Digital. Morgan Stanley & Co. LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Silver Lake.
ServiceMax is the global leader in Service Execution Management, offering cloud-based software that improves the productivity of complex, equipment-centric service execution. Enterprise companies across the globe have turned to ServiceMax to help them keep the world running. For more information, visit www.servicemax.com.
About Silver Lake
Silver Lake is the global leader in technology investing, with about $45.5 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake’s portfolio of investments collectively generates more than $225 billion of revenue annually and employs more than 390,000 people globally. The Silver Lake portfolio includes leading technology and technology-enabled businesses such as Alibaba Group, Ancestry, Broadcom Limited, Cast & Crew, Ctrip, Dell Technologies, Endeavor, Fanatics, Global Blue, GoDaddy, Motorola Solutions, Red Ventures, Sabre, SoFi, SolarWinds, Symantec, Unity, Weld North Education and WP Engine. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.