PTC Completes Acquisition of ServiceMax
On January 4, 2023, PTC completed its acquisition of ServiceMax, a move aimed at enhancing its closed-loop Product Lifecycle Management (PLM) portfolio with advanced field service management (FSM) capabilities. The acquisition is expected to strengthen PTC's offerings for managing complex long-lifecycle products and improve customer satisfaction and revenue growth. Jim Heppelmann, PTC's CEO, emphasized that this acquisition marks a significant expansion of their service capabilities and aims to broaden ServiceMax's global reach.
- Acquisition of ServiceMax enhances PTC's closed-loop PLM offerings.
- ServiceMax adds advanced FSM capabilities, expected to improve customer satisfaction and revenue growth.
- Opportunity for global expansion of ServiceMax's business.
- Risks associated with integrating ServiceMax into PTC's operations.
- Potential loss of key ServiceMax employees could disrupt business integration.
- Macroeconomic factors could impact demand for the new technology.
Acquisition expands service capabilities of PTC's closed-loop PLM portfolio
BOSTON, Jan. 4, 2023 /PRNewswire/ -- PTC (NASDAQ: PTC) today announced that it has completed its acquisition of ServiceMax from an entity majority owned by Silver Lake. The acquisition adds important field service management (FSM) capabilities to PTC's closed-loop product lifecycle management (PLM) and digital thread offerings. ServiceMax provides a comprehensive suite of cloud-native FSM capabilities for servicing complex long-lifecycle products, including managing information about serviced products, creating and managing work orders, and scheduling and dispatching technicians. Product manufacturers increasingly view their product-related service offerings as an important business strategy for maintaining product performance, increasing customer satisfaction, driving revenue growth, and expanding profitability.
"Completing the ServiceMax acquisition ushers in the next era of PTC's closed-loop PLM strategy," said Jim Heppelmann, President and CEO, PTC. "With the ServiceMax® FSM suite in our portfolio, the solution set we can now offer for the service part of the product lifecycle is one of the broadest in the industry. We look forward to expanding the ServiceMax business globally and bringing these important product service capabilities to our customers."
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About PTC (NASDAQ: PTC)
PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don't just imagine a better world, we enable it. For more information, please visit www.ptc.com.
Forward-Looking Statements
This news release contains forward-looking statements about future events and expectations, including the expected effect on our digital thread and closed-loop PLM portfolio, the expected value of the acquired technology to our customers and our business, and our ability to expand the ServiceMax business globally. These statements are "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from those projected, including that the macroeconomic environment could deteriorate or not improve, which could affect demand for our products, including the ServiceMax suite; the acquired technology may not provide the access to customers and markets that we expect if those customers and markets are not receptive to the technology; we may be unable to integrate the acquired technology when or as we expect; key ServiceMax employees may not stay with PTC, which could disrupt the ServiceMax business and our ability to successfully integrate and operate the ServiceMax business; and other risks and uncertainties described in PTC's most recent Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission.
PTC, ServiceMax, and the PTC logo are trademarks or registered trademarks of PTC Inc. and/or its subsidiaries in the United States and other countries.
Investor Contact
Matt Shimao
PTC Investor Relations
mshimao@ptc.com
Media Contact
Greg Payne
PTC Corporate Communications
gpayne@ptc.com
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SOURCE PTC Inc.
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