Goodwin, Ropes Help PTC Buy ServiceMax from Silver Lake

Goodwin Procter is advising industrial software company PTC on its agreement to acquire field service management software provider ServiceMax for around $1.46 billion.

Ropes & Gray is counseling the seller, private equity firm Silver Lake, and its majority-owned portfolio company ServiceMax, according to a statement.

ServiceMax, which Silver Lake bought from General Electric in 2019, makes cloud-based software used to gather information from industrial field service workers. PTC said that both it and ServiceMax support manufacturers of complex, highly configured products for the medical device, industrial products, aerospace, and related sectors.

PTC said its closed-loop product lifecycle management software enables engineering and manufacturing departments to get the digital definition of any product configuration. Acquiring ServiceMax will allow also getting detailed usage information and service history on products after they leave the factory and move into customer use, the statement said.

The transaction is expected to close in January 2023.

Goodwin said its team advising PTC was led by private equity and M&A partner Ed Amer and technology partner Rob Dzialo.

Ropes & Gray said its deal team advising Silver Lake and ServiceMax was led by private equity partner Eric Issadore and also included benefits partners Stephanie Bruce and Loretta Richard, among others.