ServiceMax to be Listed on Nasdaq after Business Combination with PathFinder and Acquisition of LiquidFramework
ServiceMax, the leader in asset-centric field service management software, announced it has entered into a business combination agreement with Pathfinder Acquisition Corporation, a publicly traded special purpose acquisition company. Upon closing of the transaction, ServiceMax will become a publicly traded company, and is expected to be listed on the Nasdaq Stock Exchange under the symbol "SMAX". Neil Barua, who has served as CEO of the Company since 2019, will continue to lead the business post-transaction.
THE TRANSACTION VALUES SERVICEMAX AT A PRO FORMA ENTERPRISE VALUE OF APPROXIMATELY $1.4 BILLION
ServiceMax’s asset-centric field service management software, which has been positioned as a leader in the last five published Gartner Magic Quadrants for Field Service Management, helps companies that sell, service and maintain mission critical equipment to keep the world running. From its inception in 2007, ServiceMax has been modernizing field service by bringing cloud-based applications to service operations, and by putting mobile applications in the hands of field technicians. The Company’s solutions improve customers’ ability to manage the complexities of service, support faster growth, and run more profitable, outcome-centric businesses.
“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 Neil Barua, ServiceMax CEO. “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.
“It is a privilege to partner with ServiceMax, the only cloud-native, mobile-first, field service management SaaS provider,” stated David Chung, CEO, Pathfinder Acquisition Corporation. “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.
In addition, ServiceMax has also announced the signing of a definitive agreement to acquire LiquidFrameworks, a leading mobile field operations management solutions company that is cloud-based, energy sector-focused and built on Salesforce’s platform. Along with deepening ServiceMax’s position in the oil and gas, industrial and environmental sectors, the agreement will also bring critical technologies and go-to-market channels to ServiceMax to expand the Company’s product portfolio and customer offerings.
As the market continues to pressure the oil and gas industry to become more capital efficient, oilfield service providers must transform their legacy field operations management processes to digital systems. Whether working long rotations on an offshore platform with limited connectivity or turnarounds in a refinery, Field Technicians in this industry are responsible for delivering service to the customer along with operating new digital systems aimed at maintaining assets, improving productivity, and growing revenue. The acquisition will better position ServiceMax to meet the demand for digital service execution in this industry while expanding ServiceMax’s product portfolio and go-to-market channels.
THE ACQUISITION OF LIQUIDFRAMEWORKS ENABLES SERVICEMAX TO EXPLAND ITS FIELD SERVICE MANAGEMENT SOLUTIONS TO MEET THE UNIQUE CHALLENGES OF THE ENERGY SECTOR
“ServiceMax is committed to doing all we can to help companies keep critical assets - and the world - running. Strengthening our customer offerings in the energy sector is core to that commitment,” said Neil Barua, CEO, ServiceMax. “Combining ServiceMax’s modern field service platform with LiquidFrameworks’ industry expertise better equips us to provide oil and gas companies with the tools they need to ensure consistent, reliable service, and maximize asset performance.”
“ServiceMax’s history of innovation has been transforming field service organizations for over a decade,” said Travis Parigi, Founder and CEO, LiquidFrameworks. “The combination of LiquidFrameworks field-first, energy-specific offering, with ServiceMax’s asset-centric field service suite will be unparalleled in the market. We are committed to helping companies realize the promise of digital transformation.
”“We are proud of LiquidFrameworks’ growth and development over the course of our investment partnership, as the company delivered a differentiated, mission-critical SaaS offering that helped customers in the oil, gas, and industrial services industry react quickly and efficiently navigate the digital transformation journey,” said Hollie Haynes, Managing Partner at Luminate. “We are thrilled to see the company continue to support its customers through this combination with ServiceMax, further extending its competitive differentiation across the field service management landscape,” noted Mark Pierce, an Operating Partner at Luminate who has served as Chairman of LiquidFrameworks since the Luminate investment.