The acquisition will expand GE Digital's capabilities in analytics and productivity, the Boston-based company said in a statement. The deal is slated to close in January.
ServiceMax's connected field software helps companies remotely keep track of equipment maintenance and schedule workforce optimization, among other things, via mobile and cloud computing platforms.
GE has been making big bets on the Internet of Things movement, largely through its Predix industrial software platform, which combines device sensors with data analytics to improve machine performance and extend equipment life.
In this year alone, GE has launched 40 apps for industrial companies via its cloud-based Predix platform.
"This acquisition builds upon our ongoing efforts to enhance our overall technology stack around the Predix platform and advance our Industrial Internet vision," said GE Digital CEO Bill Ruh in a statement. "Improved productivity is critical for the Industrial Internet and digitizing field services is a cornerstone of a successful digital industrial strategy."
GE has been using Internet of Things technology to garner data from MRI machines, wind turbines and airplane engines to provide customers with information needed to maintain their machinery, according to Tech Crunch.
GE's acquisition of Pleasanton, Calif.-based ServiceMax extends a recent shopping spree in the Internet of Things space. In September, GE bought Meridium, an asset performance management software and services company, for $495 million.
The digital industrial giant in 2014 purchased the Vancouver, Canada-based cyber-security firm Wurldtech for an undisclosed price. Wurldtech provides security solutions for industrial companies who have Internet-equipped, data-driven systems.
Ruh predicts that industrial servicing could be a $1 trillion global market over the next 10 years, helped in large part by digitized servicing, according to Bloomberg.