Separately, the company has agreed to acquire LiquidFrameworks for $145m
ServiceMax, a California-based asset-centric field service management software provider, has agreed to merge with Pathfinder Acquisition in a deal that values the former at around $1.4bn.
Pathfinder Acquisition is a publicly traded special purpose acquisition company (SPAC), which is sponsored by middle-market private equity firm HGGC and venture capital platform Industry Ventures.
Its merger with ServiceMax will enable the latter to go public with trading expected to be on Nasdaq.
Neil Barua, who has been the company’s CEO since 2019, will continue in the role post-merger.
ServiceMax’s asset-centric field service management software caters to companies that sell, service, and maintain mission critical equipment.
The company’s mobile apps and cloud-based software are said to offer a full view of assets to field service teams.
Its cloud-based software platform is designed to enhance the productivity of complex, equipment-centric service execution for operators, original equipment manufacturers (OEMs), and third-party service providers.
Barua said: “ServiceMax enables life as we know it to happen, uninterrupted, by empowering some of the world’s biggest and most well-known suppliers, distributors, and manufacturers to provide consistent and reliable service to their customers,” said
“We’ve seen Original Equipment Manufacturers and operators increase their focus on digital transformation and we believe that ServiceMax is well positioned to support those needs by leveraging our 10+ years of focus on complex service management for mission critical equipment, and by innovating and delivering on a differentiated product strategy and roadmap.
“We believe this transaction with Pathfinder will allow us to accelerate growth and capture more opportunities within this growing $9 billion market.”
The SPAC deal is likely to provide nearly $335m of gross proceeds to the enlarged ServiceMax.
The proceeds will come from the cash held in the trust account of Pathfinder and a common equity investment by PTC and Salesforce Ventures at the same valuation before the closing of the merger.
ServiceMax’ existing investors Silver Lake, GE, and Salesforce Ventures will retain their full equity ownership in the company.
Pathfinder CEO David Chung said: “It is a privilege to partner with ServiceMax, the only cloud-native, mobile-first, field service management SaaS provider.
“We believe that ServiceMax’s large and underpenetrated addressable market, accelerating growth, and best-in-class leadership team uniquely position ServiceMax to further redefine the field service management sector and provide its expanding user base with innovative, customer-oriented solutions.”
The deal, which is subject to approval by Pathfinder’s shareholders and other customary closing conditions, is anticipated to close in Q4 2021.
Separately, ServiceMax announced that it has signed a deal to acquire LiquidFrameworks, a mobile field operations management solutions company. LiquidFrameworks, which specialises in the energy industry, is being acquired from Luminate Capital Partners for $145m in cash.