GE Digital Acquires ServiceMax for $915M
Nov 15 2016
GE Digital (NYSE: GE) today announced it has acquired ServiceMax, a leader in cloud-based field service management (FSM) solutions, for $915 million. GE will tie together ServiceMax's field service management software with its Predix platform.
“This acquisition builds upon our ongoing efforts to enhance our overall technology stack around the Predix platform and advance our Industrial Internet vision,” said Bill Ruh, CEO, GE Digital. “Improved productivity is critical for the Industrial Internet and digitizing field services is a cornerstone of a successful digital industrial strategy. This transaction, along with our previous acquisitions of Wurldtech and Meridium, 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.”
+ ServiceMax was founded in 2007 and had raised $204M in 6 Rounds from 15 Investors
+ GE was already an investor in ServiceMax, having participated in an $82 million Series F funding round in June of 2015.