Ropes & Gray represented ServiceMax, portfolio company of Silver Lake and cloud-based software platform, in a definitive agreement of sale to software solution provider, PTC. Terms of the agreement state PTC will acquire ServiceMax for approximately $1.46 billion in cash on a debt-free, cash-free basis from an entity majority owned by private equity firm Silver Lake.
The acquisition is expected to strengthen PTC’s product offerings that support manufacturers of complex, highly configured products for the medical device, industrial products, aerospace, and related verticals. The announcement was made public on November 17 in a press release.
Subject to regulatory approval and other applicable closing conditions, the transaction is expected to close in early January 2023.
The Ropes & Gray team was led by private equity partner Eric Issadore and included benefits partners Stephanie Bruce and Loretta Richard, litigation & enforcement partner Annie Herdman, tax partner Adam Greenwood, and private equity associate Joe Lam.
