Boston-based software company PTC is acquiring ServiceMax, a popular service execution management company. PTC is spending $1.46 billion in an all-cash deal subject to regulatory approval which is expected to close in January 2023.
PTC is a provider of digital transformation solutions for manufacturing and other industrial companies, as well as consulting and training. The acquisition marks the company’s second of 2022; in May, it purchased Intland Software for $280 million to shore up its application life-cycle management portfolio.
With ServiceMax on board, PTC hopes to fortify its closed-loop product lifecycle management (PLM) products by bridging product management with enterprise asset management and field service management capabilities. A closed-loop PLM enables the collection of important information throughout a product’s life cycle, using it to develop new capabilities and business opportunities. ServiceMax will help enterprises detect problems, dispatch service, and solve issues.
Decades after its start as a computer-aided design (CAD) company in 1985, PTC has grown through acquisitions in an effort to provide a comprehensive suite of cloud-based tools for digital transformation. Previous acquisitions include ThingWorx and Servigistics.