GE Digital announced it has acquired ServiceMax, a leader in cloud-based field service management (FSM) solutions, for $915 million as part of its strategy to accelerate efforts in leading the Industrial Internet-of-Things(IoT) and to enhance its overall technology stack around the Predix platform
The acquisition provides GE Digital with enhanced capabilities to advance its Industrial Internet vision, enabling customers to immediately gain more value from their assets and find greater efficiency in their field service processes.
With this acquisition GE plans to add analytics and insights into the ServiceMax logistics, workforce optimization and deployment models. GE estimates there is a market-wide opportunity to improve service productivity by $25 billion through the use of analytical tools.
ServiceMax’s platform provides a full suite of applications, including inventory and parts logistics, scheduling and workforce optimization, and work order management. The company plans to leverage the Predix platform to further the development of additional industrial applications focused on service delivery.
Coupled with the recent acquisition of Meridium, GE Digital will now provide a full suite of applications centered on driving comprehensive asset management for the Industrial Internet.
In addition, this transaction brings to GE Digital an immediate vertical customer base as well as significant recognition in the market and enhances GE Digital’s ability to commercialize its field services solutions.
ServiceMax will have access to new verticals and will be able to utilize GE Digital’s scale and comprehensive Predix platform to enhance and strengthen their offerings for customers.
Bill Ruh, CEO, GE Digital
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.
Dave Yarnold, CEO, ServiceMax
The transaction will help position ServiceMax to reach its next phase of growth by having access to GE’s broad and advanced industrial portfolio, deep domain expertise and substantial customer footprint.
