GE Digital Completes Acquisition of ServiceMax, Enabling Service Transformation for Customers
January 10 2017 - 4:00PM
Business Wire
GE Digital (NYSE: GE) today announced it has completed the
acquisition of ServiceMax, a leader in cloud-based field service
management (FSM) solutions, for $915 million. The acquisition
provides GE Digital with new capabilities in the $1 trillion market
for industrial service, enabling customers to immediately gain more
value from their assets and find greater efficiency in their field
service processes.
Predix is the only software platform that offers complete
connectivity from the edge to the cloud and computing capabilities
at every level of the industrial software stack. Combining Predix
with ServiceMax technologies will help industrial customers
accelerate productivity outcomes for industry by combining
cloud-based mobile applications with Predix. This acquisition
brings together the use of digital twins, cloud applications and
big data analytics with world-class field services domain expertise
to unlock asset productivity for industrial customers. With this
acquisition, GE will add analytics and insights into the ServiceMax
logistics, workforce optimization and deployment models.
The ServiceMax platform provides a full suite of applications,
including inventory and parts logistics, scheduling and workforce
optimization, and work order management. As a result of this
transaction, customers will be able to access these offerings from
a modern rapid application development cloud and field-ready mobile
platform that combines the strength of GE’s deep domain expertise
and advanced industrial portfolio with ServiceMax’s field service
expertise. The company will leverage the Predix platform to further
the development of additional industrial applications focused on
service delivery.
“This acquisition advances our vision of building a
Predix-powered industrial world. Improved productivity is critical
for industry, and digitizing field services is a cornerstone of a
successful digital industrial strategy,” said Bill Ruh, CEO, GE
Digital. “By combining our technologies with ServiceMax, we
continue to enhance the overall Predix technology stack for our
customers. This transaction, along with our previous acquisitions
of Wurldtech, Meridium, BitStew and Wise.io, is directly aligned
with our strategy to drive growth both inorganically and
organically by building the capabilities to support the digital
industrial transformation through Predix, APM and the Digital
Thread.”
Together, the companies have already driven significant
productivity for GE and going forward they will co-develop service
products and accelerate commercialization in order to drive
additional value for customers. GE estimates there is a market-wide
opportunity to improve service productivity by $25 billion through
the use of analytical tools.
Morgan Stanley acted as exclusive financial advisor to
ServiceMax with Gundersen Dettmer LLP serving as legal counsel for
ServiceMax. King & Spalding, LLP served as legal counsel for GE
Digital. The transaction closed on January 10.
ABOUT GE DIGITAL
GE Digital connects streams of machine data to powerful
analytics, providing Industrial companies with valuable insights to
manage assets and operations more efficiently. World-class talent
and software capabilities driving big gains in productivity,
availability and longevity. For more information, visit the website
at www.ge.com/digital.
ABOUT SERVICEMAX
ServiceMax is a leading industry provider of field service
management software – an estimated $25 billion market worldwide.
The company continues to reimagine and create solutions for the 20
million people globally who install, maintain, and repair machines
across dozens of industries as the leading provider of complete
end-to-end mobile and cloud-based technology for the sector.
ServiceMax goes to every length -- from joining technicians on
service calls to publishing the industry's leading online
publication -- to help customers discover untapped innovation,
unleash new revenue streams, drive efficiency, and most importantly
delight their end-customer. To learn more, please visit
www.ServiceMax.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170110006313/en/
GE DigitalAmy Sarosiek, +1
224-239-6028amy.sarosiek@ge.comorServiceMaxMichael Busselen, +1
925-965-7850michael.busselen@servicemax.com
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