ServiceMax Acquisition, Valuation, Funding & Investors

ServiceMax was acquired by PTC for $1.5B in November 2022, a 11.2x multiple on $130M of revenue.

ServiceMax acquisition price

$1.5B

Acquired by PTC · Nov 2022

ServiceMax revenue at acquisition

$130M

Last twelve months · Nov 2022

ServiceMax revenue multiple at acquisition

11.2x

EV/Revenue · Nov 2022

Cumulative funding ServiceMax raised

$233M

across 3 funding rounds

ServiceMax Overview

About ServiceMax

ServiceMax is a developer of cloud-based service execution management software for asset-intensive industries worldwide. The platform supports field service management and asset service management for original equipment manufacturers, operators, and third-party providers. Pleasanton, California-headquartered since its founding in 2009 and now part of GE Vernova, ServiceMax serves clients including Siemens, Honeywell, and Boston Scientific. Its solutions enable mobile workforce dispatching, parts inventory tracking, and predictive maintenance analytics across manufacturing, energy, and medical device sectors in North America, Europe, and Asia.


Founded

2007

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$130M (Nov 2022)

Valuation

$450M (Mar 2014)

ServiceMax Acquisition

ServiceMax was acquired by PTC for $1.5B on 17 November 2022.

The acquisition price implies a 11.2x revenue multiple on $130M of revenue.

Before the acquisition ServiceMax had raised $233M across 3 funding rounds.

ServiceMax acquisition details
AcquirerDateTypePriceEV/Revenue
17 Nov 2022Strategic M&A$1.5B11.2x

ServiceMax Valuation

ServiceMax is currently valued at $450M, based on its Series E in March 2014.

The $71M round was led by Meritech Capital Partners.

ServiceMax valuation by funding round

ServiceMax valuation by funding round
DateStageValuation
Mar 2014Series E$450M

ServiceMax Funding History

ServiceMax has raised a total of $233M across 3 funding rounds.

ServiceMax's first fundraising round was a $71M Series E in March 2014. The most recent completed round was a $80M undisclosed-stage round in February 2020.

ServiceMax funding rounds

ServiceMax funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2020Undisclosed stageSalesforce Ventures (lead); Silver Lake (lead)$80M-ServiceMax is a cloud-based field service management software platform built on Salesforce's Customer Relationship Management (CRM) platform that enables original equipment manufacturers and service providers to plan, schedule, and manage equipment servicing. The platform helps businesses communicate with contractors, arrange equipment returns, and monitor asset status across complex, asset-intensive industries including manufacturing, medical devices, energy, and heavy equipment. In February 2020, ServiceMax raised $80 million in growth funding co-led by Salesforce Ventures and existing investor Silver Lake, marking Salesforce Ventures' return as an investor after exiting the company through a GE Digital acquisition in 2016. The round followed a record-breaking year for ServiceMax and was used to fuel accelerated growth, deepen product development, and support digital transformation initiatives. ServiceMax had achieved significant market recognition by this time, having been named a Leader in the Gartner Magic Quadrant for Field Service Management for four consecutive years and recognized as a Leader in IDC MarketScape reports for both Field Service Management and Service Parts Management. The investment strengthened the long-standing partnership between Salesforce and ServiceMax and demonstrated continued confidence in the company's market position and growth trajectory in the field service management software sector.
Jun 2015Series FPremji Invest (lead)$82M-ServiceMax is a California-based cloud-based field service management software company providing mobile and end-to-end solutions to manage work orders, schedule technicians, and optimize service operations. The company was founded in 2006 by Athani Krishnaprasad and Hari Subramanian, originally as Maxplore Technologies Pvt Ltd. In August 2015, ServiceMax closed a $82 million Series F funding round led by PremjiInvest, the private investment firm of Wipro chairman Azim Premji, with additional participation from GE Ventures, PTC Inc., Cloud Apps Capital, and existing investors including Emergence Capital Partners, KPCB, Mayfield, Meritech, Adams Street Partners, Crosslink Capital, Questmark Partners, Sozo Ventures, and Trinity Ventures. This brought total capital raised by the company to $202 million. ServiceMax reported 400 companies relying on its platform and positioned itself as the global market leader in field service management, operating in a market estimated at $18 billion worldwide. The company planned to use the new capital to grow sales, marketing, and support globally while increasing product development. PTC, which had established a strategic partnership with ServiceMax announced in May 2015, participated in the funding round to further its commitment to the service lifecycle management marketplace.
Mar 2014Series EMeritech Capital Partners (lead)$71M$450MServiceMax develops cloud-based field service management software that automates workforce optimization, advanced scheduling and dispatch, parts logistics, inventory, depot repair, and installed base entitlements for companies in industries like oil and gas, medical devices, telecommunications, and utilities. The platform serves over 300 customers globally, including Kodak Alaris, Coca-Cola, and Arjo Huntleigh, targeting a $15 billion market with millions of field technicians worldwide. In March 2014, ServiceMax raised $71 million in a Series E funding round led by Meritech Capital Partners and Kleiner Perkins, with participation from Cross Creek Advisors, QuestMark Partners, Sozo Ventures, and follow-on investments from Emergence Capital Partners, Mayfield Fund, Trinity Ventures, Crosslink Capital, Adams Street Partners, and Salesforce.com, bringing total funding to $120 million at that point. The round implied a post-money valuation exceeding $450 million according to VCExperts.com. Funds were allocated to scale product development, global expansion, and sales amid rapid sector growth driven by mobile adoption among field technicians. ServiceMax reported triple-digit year-over-year growth in revenue and bookings, adding over 100 customers in the prior year, though specific revenue figures were not disclosed. The field service industry was expanding, with one in ten new U.S. jobs in this sector.

Who has invested in ServiceMax?

4 investors have backed ServiceMax across its funding rounds, including Salesforce Ventures, Meritech Capital Partners, Premji Invest and Silver Lake.

Lead investors include Salesforce Ventures, Silver Lake, Premji Invest and Meritech Capital Partners.


ServiceMax Investors

Investors in ServiceMax by funding rounds participated
InvestorHQRoundsRoleFirst check
Salesforce VenturesUnited StatesSan Francisco, CA1LeadFeb 2020
Silver LakeUnited StatesSan Francisco, CA1LeadFeb 2020

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Acquisitions by ServiceMax

ServiceMax has acquired 2 companies to date.

Last acquisition by ServiceMax was on July 15th 2021. ServiceMax acquired LiquidFrameworks for $148M.


Latest Acquisitions by ServiceMax

LiquidFrameworks
Zinc
Description
LiquidFrameworks is a Houston-headquartered provider of mobile operations management software for industrial and environmental services since 2001. Its solutions streamline field service workflows, asset tracking, compliance reporting, and dispatch operations for sectors like oilfield services, waste management, and utilities across North America.
Zinc is a communication platform that equips deskless workers with mobile messaging tools featuring end-to-end encryption, compliance with GDPR and HIPAA, and admin controls for IT teams. Headquartered in Milan, Italy, the platform serves sectors including retail, hospitality, and manufacturing. Zinc integrates with tools like Microsoft Teams and ServiceNow to streamline workflows for frontline teams. Clients such as Compass Group and Mitie use it to connect over 100,000 mobile employees across Europe. Launched in 2015, Zinc processes millions of messages daily while maintaining zero data breaches.
HQ CountryUnited StatesUnited States
HQ City
Houston, TX
San Francisco, CA
Deal Date15 Jul 202126 Feb 2019
Valuation$148Mundisclosed
EV/Revenue
EV/EBITDA

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ServiceMax Competitors

ServiceMax competitors include listed companies like Topicus and Constellation Software, and private ones like eSign, fabric, Zenoti and Maya.

Public and private companies comparable to ServiceMax
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TopicusNetherlandsNetherlandsPublicly listed$1.8B$393M$5.4B3.0x
Constellation SoftwareCanadaCanadaPublicly listed$12B$2.5B$43B3.5x
eSignChinaHangzhouPrivate--$1.5B-
fabricUnited StatesSeattle, WAPrivate--$1.5B-
ZenotiUnited StatesSeattle, WAPrivate$35M-$1.5B-
MayaPhilippinesManilaPrivate--$1.4B-

ServiceMax Public Comps

ServiceMax is no longer listed, but its public comps include RWS Holdings, CS Disco, Hibino, Intapp, Xp Industrial FII, GetBusy, Valtes Holdings, Dye & Durham, Intellinetics and Topicus.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
RWS Holdings$927M($26M)0.7x0.7x(27.2x)4.8x
CS Disco$157M($44M)1.1x1.0x(4.0x)(22.1x)
Hibino$435M$60M0.6x0.6x4.3x-
Intapp$578M($16M)4.6x4.5x(164.3x)20.9x
Xp Industrial FII$9M-10.0x---
GetBusy$30M$2M2.1x2.0x35.2x32.5x
Valtes Holdings$77M$6M0.6x0.6x7.4x-
Dye & Durham$316M$116M3.0x3.3x8.2x7.1x

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Common questions about ServiceMax

When was ServiceMax founded?ServiceMax was founded in 2007.
Where is ServiceMax headquartered?ServiceMax is headquartered in San Francisco, CA, United States.
Is ServiceMax publicly listed?No, ServiceMax was acquired by PTC in November 2022.
Who acquired ServiceMax?ServiceMax was acquired by PTC in November 2022.
How much was ServiceMax acquired for?ServiceMax was acquired for $1.5B in November 2022, a 11.2x revenue multiple.
What is ServiceMax's valuation?ServiceMax was last valued at $450M in its Series E in March 2014.
How much funding has ServiceMax raised?ServiceMax has raised $233M across 3 funding rounds.
What was ServiceMax's last funding round?ServiceMax's last funding round was a $80M undisclosed-stage round in February 2020, led by Salesforce Ventures and Silver Lake.
Who are ServiceMax's investors?ServiceMax's investors include Salesforce Ventures, Silver Lake, Premji Invest and Meritech Capital Partners.
Which companies are comparable to ServiceMax?Companies comparable to ServiceMax include Topicus, Constellation Software, eSign, fabric, Zenoti and Maya.
How many companies has ServiceMax acquired?ServiceMax has acquired 2 companies, including LiquidFrameworks and Zinc.
What was the largest acquisition by ServiceMax?The $148M acquisition of LiquidFrameworks in July 2021 is the largest acquisition ServiceMax has made to date.

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