ServiceMax, a California cloud software provider, has agreed to merge with a special purpose acquisition company (SPAC) in a deal to take the company public on the Nasdaq stock exchange, the company announced this month. The company, which provides field service management software and other solutions, will merge with Pathfinder Acquisition Corporation, a blank check company that is currently traded publicly under the symbol PFDR, in a deal that values ServiceMax at roughly $1.4 billion. The software company is currently owned by investors including GE, private equity firm Silver Lake, and the venture capital arm of Salesforce.
The software company also announced a deal to itself acquire LiquidFrameworks Inc., a provider of field-service software to the oil-and-gas industry, from private-equity firm Luminate Capital Partners for $145 million. The company plans to finance the deal out of the cash proceeds resulting from the merger with Pathfinder, which it estimates at about $335 million. The acquisition should strengthen ServiceMax’s position in the oil, gas, environmental and industrial sectors, as well as fortify its product portfolio with the addition of new technologies and go-to-market channels. With the new deal, Silver Lake, Salesforce Ventures and GE will all keep their full stakes in the company.