General Electric Co. (GE Digital) will now buy ServiceMax, a cloud-based field service management company which provides software to remotely track equipment maintenance, create work orders and manage repair schedules.to expand its digital operations and enhance equipment maintenance.
FACTS:
-
The deal is valued at $915 million
-
With this deal, GE will be able to automate and digitize the servicing of heavy-duty machinery through the Predix platform
-
Acquisition is expected to close in January, 2017
-
This acquisition will be under the GE Digital arm of the business
-
GE Digital was established in 2015, and may become a $15 billion business by 2020
-
Morgan Stanley is the financial adviser for ServiceMax while Gundersen Dettmer LLP served as legal counsel
CONCLUSION:
“The addition of ServiceMax better positions GE Digital to accelerate the commercialization of Predix applications by combining GE’s industrial portfolio and domain expertise with ServiceMax’s field service expertise,”
