PTC To Acquire ServiceMax For Around $1.46 Bln

PTC Inc. (PTC), a computer software and related services provider, said on Thursday that it has inked a definitive deal to buy privately held ServiceMax, for around $1.46 billion in cash on a debt-free, cash-free basis, from an entity majority owned by Silver Lake.

ServiceMax, cloud-native, product-centric field service management or FSM software, is anticipated to yield around $160 million in ARR for PTC's second quarter of 2023. ServiceMax's FSM expertise will complement PTC's entire digital thread portfolio.

The purchase price will be funded in two stages - $808 million at closing, and $650 million paid in October 2023, the company said in a statement.

The transaction, expected to be closed in early 2023, will be funded with cash on hand, borrowings under PTC's existing credit facility, and a new $500 million committed term loan.

PTC is trading down by 3.05 percent at $126.47 per share on the Nasdaq.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Honda Motor Co, Inc. has recalled about 2,900 units of 2022 model year Honda TRX90X All-Terrain Vehicles (ATVs) sold in the United States for possible crash and injury hazard, according to a statement issued by the U.S. Consumer Product Safety Commission or CPSC. The Laundress, a unit of Conopco Inc. d/b/a Unilever, is recalling around 8 million laundry and household cleaning products citing risk of exposure to bacteria, U.S. Consumer Product Safety Commission. The recall involves Laundress laundry detergent, fabric conditioner and other cleaning products. Tesla Inc. has delivered its first Semi, a heavy-duty electric truck, to its customer PepsiCo Inc. during an event at its Nevada Gigafactory. The delivery of 500-mile fully electric Semi truck comes five years after the launch of the truck's prototype in 2017. During Thursday night's Semi Delivery Event at Tesla's Sparks, Nevada factory, CEO Elon Musk, with Dan Priestly, ...
Follow RTT