GE Digital Completes Acquisition of ServiceMax, Enabling Service Transformation for Customers

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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