GE Digital and Silver Lake announced an agreement for GE Digital to sell a majority stake in ServiceMax, a major provider of cloud-based software productivity tools for field service technicians, to Silver Lake, a global private equity firm focused on technology investing. Under the agreement, GE will retain a 10 percent equity ownership in ServiceMax. Since GE Digital acquired the company in 2016, ServiceMax has continued to invest in its technology and has grown at a faster pace than the market over the past two years. ServiceMax and GE Digital have also entered into a reseller agreement to ensure ongoing collaboration to serve their joint customers, including GE’s industrial business units, and plan to continue to deeply integrate their technology offerings.
As part of GE Digital, ServiceMax accelerated market reach into new regions, expanded its Field Service Management capabilities and introduced its offerings to new industries. With this new relationship, GE Digital and ServiceMax will continue to work together to provide solutions that help companies operate and manage their industrial assets across the full asset lifecycle. The two companies will continue to advance the integration between GE Digital’s Predix Asset Performance Management suite and ServiceMax’s field service management solution, providing its customers with an integrated solution for proactive and predictive maintenance.
The transaction is expected to close in early 2019. Financial terms of the deal were not disclosed.