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- ServiceMax
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 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
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
Website
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.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 17 Nov 2022 | Strategic M&A | $1.5B | 11.2x |
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
| Date | Stage | Valuation |
|---|---|---|
| Mar 2014 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2020 | Undisclosed stage | Salesforce 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 2015 | Series F | Premji 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 2014 | Series E | Meritech Capital Partners (lead) | $71M | $450M | ServiceMax 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Feb 2020 | ||
| 1 | Lead | Feb 2020 | ||
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Start Free TrialAcquisitions 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
| 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 Country | ||
| HQ City | Houston, TX | San Francisco, CA |
| Deal Date | 15 Jul 2021 | 26 Feb 2019 |
| Valuation | $148M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all ServiceMax acquisitions and their M&A valuation multiples. Start Free Trial | ||
ServiceMax Competitors
ServiceMax competitors include listed companies like Topicus and Constellation Software, and private ones like eSign, fabric, Zenoti and Maya.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.8B | $393M | $5.4B | 3.0x | ||
| Publicly listed | $12B | $2.5B | $43B | 3.5x | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | $35M | - | $1.5B | - | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $435M | $60M | 0.6x | 0.6x | 4.3x | - | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $9M | - | 10.0x | - | - | - | |||
| $30M | $2M | 2.1x | 2.0x | 35.2x | 32.5x | |||
| $77M | $6M | 0.6x | 0.6x | 7.4x | - | |||
| $316M | $116M | 3.0x | 3.3x | 8.2x | 7.1x | |||
This data is available for Pro users. Sign up to see all ServiceMax competitors and their valuation data. Start Free Trial | ||||||||
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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