23.1 C

PTC To Acquire ServiceMax For Around $1.46 Bln


(RTTNews) – 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Please enter your comment!
Please enter your name here

Related articles

Recent articles