The addition of ServiceMax's complementary capabilities and highly-talented team better positions GE Digital to develop and accelerate the commercialization of Predix applications, delivering service products through a single, robust platform. This platform will address the service needs of enterprises across the entire service delivery process and provide the critical expertise and technologies needed to accelerate GE Digital's existing services solution roadmaps. Coupled with the recent acquisition of Meridium, GE Digital will now provide a full suite of applications centered on driving comprehensive asset management for the Industrial Internet.In addition, this transaction brings to GE Digital an immediate vertical customer base as well as significant recognition in the market and enhances GE Digital's ability to commercialize its field services solutions. ServiceMax will have access to new verticals and will be able to utilize GE Digital's scale and comprehensive Predix platform to enhance and strengthen their offerings for customers. Dave Yarnold, CEO, ServiceMax, said, "The transaction will help position ServiceMax to reach its next phase of growth by having access to GE's broad and advanced industrial portfolio, deep domain expertise and substantial customer footprint. We look forward to benefitting from GE's experience, capabilities and resources as we expand into new markets while continuing to deliver the best tools to help customers maximize productivity and efficiency." Acquisitions are part of the GE Digital strategy to accelerate efforts in leading the Industrial Internet. The company will provide an update on their strategy and demonstrate progress at their flagship Minds and Machines event November 15-16 in San Francisco. The acquisition of ServiceMax is expected to close in January, subject to customary closing conditions, including receipt of applicable regulatory approvals. Morgan Stanley acted as exclusive financial advisor to ServiceMax with Gundersen Dettmer LLP serving as legal counsel for ServiceMax. King & Spalding, LLP served as legal counsel for GE Digital.
ABOUT GE DIGITALGE Digital connects streams of machine data to powerful analytics, providing Industrial companies with valuable insights to manage assets and operations more efficiently. World-class talent and software capabilities driving big gains in productivity, availability and longevity. For more information, visit the website at www.ge.com/digital. ABOUT SERVICEMAX ServiceMax is a leading industry provider of field service management software - an estimated $25 billion market worldwide. The company continues to reimagine and create solutions for the 20 million people globally who install, maintain, and repair machines across dozens of industries as the leading provider of complete end-to-end mobile and cloud-based technology for the sector. ServiceMax goes to every length -- from joining technicians on service calls to publishing the industry's leading online publication -- to help customers discover untapped innovation, unleash new revenue streams, drive efficiency, and most importantly delight their end-customer. To learn more, please visit www.ServiceMax.com.