PTC Inc. has announced that it has signed a definitive agreement to acquire ServiceMax, a leading SaaS field service management provider, from an entity majority owned by Silver Lake. Under the terms of the transaction, the purchase price will be funded in two stages, with US$808 million paid at closing and US$650 million paid in October 2023. Subject to the satisfaction of regulatory approval and other applicable closing conditions, the transaction is expected to close in early January 2023.

Latham & Watkins represented Centerview Partners LLC as financial advisor to PTC in the transaction with a corporate deal team led by New York partner Justin Hamill and counsel Adam Rachlis.