NEEDHAM, Mass.--(BUSINESS WIRE)--PTC® (NASDAQ: PTC) today announced an investment in a Series F funding for its strategic partner ServiceMax, a leading provider of field service management solutions. The investment expands PTC’s relationship with ServiceMax, announced in May of this year, as well as furthers its ongoing commitment to the service lifecycle management (SLM) marketplace.
ServiceMax is a major provider of complete end-to end mobile and cloud-based technology for the field service management industry. ServiceMax creates solutions for the millions of people globally who install, maintain, and repair machines and other industrial assets across dozens of industries.
As announced earlier, PTC and ServiceMax have partnered to engage in joint development, marketing, and sales. PTC is in the process of integrating its world-class Service Information and Parts Optimization solutions with ServiceMax’s powerful Field Service Management (FSM) solution. PTC is also integrating the combined solutions with its ThingWorx® application development platform to enable pervasive Internet of Things (IoT) connectivity, making possible remote, predictive, and proactive service, as well as outcome-based business models. Since the announcement, customers and industry analysts have commented favorably on the parties’ relationship.
This latest round of financing for ServiceMax is a co-investment led by Premji Investments, with participation from several other investors, including GE – another PTC partner. ServiceMax has stated that it intends to use the financing to increase its sales and marketing efforts.
“Our strategic investment underscores the importance of our relationship with ServiceMax as well as PTC’s commitment to the SLM market,” stated Jim Heppelmann, president and CEO, PTC.
"We are excited and proud of our deepening relationship with PTC, as evidenced by this investment,” stated Dave Yarnold, CEO, ServiceMax. “We are helping customers around the world leverage their service organizations to drive growth. With 400 companies relying on ServiceMax as their mobile field service solution, we’ve clearly established ourselves as the global market leader. We’re thrilled to secure financing that will enable us to continue investing in this massive market opportunity and fuel the convergence of field service and the Internet of Things.”
PTC (Nasdaq: PTC) is a global provider of technology platforms and enterprise applications for smart and connected products, operations, and systems. PTC’s enterprise applications serve manufacturers and other businesses that create, connect, operate, analyze and service products. Led by its award-winning ThingWorx® application enablement platform, PTC’s platform technologies help companies deliver new value emerging from the Internet of Things. An early pioneer in Computer Aided Design (CAD) software, PTC later expanded into product lifecycle management and service lifecycle management. Today, PTC employs more than 6,000 professionals serving more than 28,000 businesses worldwide.
PTC and ThingWorx are trademarks or registered trademarks of PTC Inc. or its subsidiaries in the United States and other countries.