PTC, a simulation software company, has acquired ServiceMax, a cloud-based, product-focused field service management (FSM) software.

ServiceMax provides a suite of FSM capabilities built on the Salesforce service. The capabilities include managing information about service products, creating and managing work orders and scheduling and dispatching technicians. The acquisition aims to improve PTC’s closed-loop product lifecycle management offerings by extending the digital thread through monitoring and servicing products after they leave the factory and move to customer use.

“PTC has a strong and consistent track record of success, and now following the growth and innovation we’ve achieved during our partnership with Silver Lake, we’re excited for the ServiceMax team to strengthen the service offerings of PTC’s digital thread and closed-loop PLM portfolio,” says Neil Barua, CEO of ServiceMax.

Centerview Partners LLC acted as financial advisor to PTC on the transaction and Goodwin Procter LLP served as legal counsel. JPMorgan Chase Bank, BofA Securities Inc., Huntington National Bank, and TD Securities LLC will provide transaction financing to PTC. Barclays acted as financial advisor to ServiceMax, and Ropes & Gray LLP served as legal counsel.