BUSINESS PROFILE

Tell us a bit more about your business and how it started .

ServiceMax first came into existence as Maxplore Technologies in 2007 . In 2008 Maxplore won the Force . com US $ 1 Million Challenge . Following this announcement , Emergence Capital invested US $ 2 million in Maxplore and the company took on the name of its award-winning software , ServiceMax . Since then , ServiceMax has been at the forefront of field service innovation , bringing a cloud-native platform to service operations and placing mobile applications in the hands of field technicians .

Today , ServiceMax is a leading provider of asset-centric field service management ( FSM ) software . We help service professionals add value to their company ' s bottom line through reduced maintenance costs , predictive maintenance monitoring , more accurate service provision and upsell opportunities .

Previously , many companies relied on manual , paper-based processes for service , which was inefficient , expensive and difficult to manage warranties , contracts , service insights and knowledge sharing .

Hundreds of customers with thousands of users rely on our software to support a wide range of equipment from MRI machines in hospitals and elevators in shopping malls to wind turbines and manufacturing equipment . ServiceMax software helps the world go round . Every second , a field service work order is generated using ServiceMax software .

How has the business grown since it started and how did you ensure growth ?

ServiceMax has been through a few different growth stages over the past 15 years . After its initial round of funding in 2008 , ServiceMax secured four more rounds of funding before GE Digital acquired the company for US $ 915 million in 2017 .

Following the restructuring of GE Digital , GE Digital sold its majority stake in ServiceMax to Silver Lake , a global leader in technology investing . On November 17 , 2022 , PTC announced a definitive agreement to acquire ServiceMax for US $ 1.46 billion from an entity majority owned by Silver Lake .

ServiceMax is a leading provider of asset-centric field service management software – every second , a field service work order is generated using ServiceMax software . Neil Barua , CEO of ServiceMax , explains how he has focused on good business fundamentals , building a strong culture , organising the company structure for success and delivering innovation to customers .

Through these changes , a commitment to innovation and customer obsession has enabled our consistent enterprise growth . What began as a cloud-based field service app , has grown into a comprehensive suite of solutions that help keep the world running .

As CEO , I have focused on good business fundamentals , building a strong culture , organising the company structure for success and delivering innovation to our customers , resulting in the company being operating income and cash flow positive for the first time in its history .

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