PLEASANTON and PALO ALTO, Calif., July 15, 2021 /PRNewswire/ — ServiceMax, Inc. (“ServiceMax” or the “Corporation”), the leader in asset-centric subject services administration application, today declared it has entered into a business enterprise blend arrangement with Pathfinder Acquisition Corporation (NASDAQ: PFDR), a publicly traded particular purpose acquisition business (“Pathfinder”). Upon closing of the transaction, ServiceMax will turn out to be a publicly traded corporation, and is anticipated to be detailed on the Nasdaq Stock Trade underneath the symbol “SMAX”. Neil Barua, who has served as CEO of the Business considering the fact that 2019, will continue on to lead the business enterprise put up-transaction.
ServiceMax’s asset-centric subject support management software, which has been positioned as a chief in the past 5 revealed Gartner Magic Quadrants for Industry Provider Management2, can help organizations that market, support and keep mission critical gear to preserve the entire world working. From its inception in 2007, ServiceMax has been modernizing discipline support by bringing cloud-based mostly purposes to assistance functions, and by putting mobile apps in the hands of area specialists. The Company’s methods enhance customers’ capacity to take care of the complexities of assistance, assist more rapidly development, and run far more worthwhile, result-centric organizations.
“ServiceMax permits lifestyle as we know it to happen, uninterrupted, by empowering some of the world’s greatest and most nicely-identified suppliers, distributors, and producers to offer regular and trustworthy provider to their shoppers,” mentioned Neil Barua, ServiceMax CEO. “We have found Unique Equipment Producers and operators enhance their concentrate on electronic transformation and we think that ServiceMax is effectively positioned to assist those wants by leveraging our 10+ a long time of aim on complex assistance management for mission vital products, and by innovating and providing on a differentiated item method and roadmap. We feel this transaction with Pathfinder will permit us to speed up advancement and seize more chances within just this rising $9 billion industry.”
“It is a privilege to spouse with ServiceMax, the only cloud-native, cellular-initial, industry service management SaaS company,” said David Chung, CEO, Pathfinder Acquisition Corporation. “We feel that ServiceMax’s large and underpenetrated addressable market place, accelerating development, and most effective-in-course leadership crew uniquely place ServiceMax to even further redefine the subject support administration sector and provide its increasing user foundation with innovative, purchaser-oriented answers.”
In addition, ServiceMax has also declared the signing of a definitive agreement to get LiquidFrameworks, a foremost cellular area operations management solutions business that is cloud-dependent, electricity sector-concentrated and built on Salesforce’s platform. Alongside with deepening ServiceMax’s placement in the oil and gas, industrial and environmental sectors, the arrangement will also deliver essential systems and go-to-market place channels to ServiceMax to grow the Firm’s item portfolio and consumer choices.
“ServiceMax, beneath Neil’s expert leadership, has undergone a remarkable transformation, by concentrating on the buyer, strengthening the go-to-market place and more solidifying their associations with strategic partners like Salesforce, which has set the enterprise up for long-term achievement,” extra Kenneth Hao, Chairman and Handling Partner of Silver Lake. “The funds raised in this transaction is predicted to empower ServiceMax’s up coming stage of expansion by means of investment in technological know-how innovation as a publicly traded corporation.”
The transaction implies a benefit for ServiceMax of close to $1.4 billion on both equally a pre-dollars equity value foundation and a pro forma business price foundation, before offering result to the pending acquisition of LiquidFrameworks. The transaction is anticipated to provide somewhere around $335 million of gross proceeds to the merged enterprise from the dollars held in Pathfinder’s rely on account, assuming no redemptions by Pathfinder shareholders, and such as proceeds from a strategic widespread fairness expense promptly prior to closing by foremost application businesses PTC Inc. [NASDAQ: PTC] and Salesforce Ventures at the very same valuation as the business enterprise mix transaction.
The combined proceeds will be utilized to assistance the Company’s growth opportunities, which includes the acquisition of LiquidFrameworks for $145 million in income, and for standard company reasons.
Current ServiceMax buyers Silver Lake, Salesforce Ventures, and GE are retaining their complete equity possession in ServiceMax.
The transaction, which has been unanimously authorized by the Board of Directors of Pathfinder, as very well as the Board of Directors of ServiceMax, is subject matter to customary closing ailments, including approval by the shareholders of Pathfinder, and is anticipated to near in the fourth quarter of 2021.
Convention Phone Facts
A ServiceMax and Pathfinder trader meeting get in touch with and presentation speaking about the transaction can be accessed by checking out http://community.viavid.com/index.php?id=145738. A transcript of the get in touch with will also be submitted by Pathfinder with the SEC.
Citi is acting as lead economical advisor and William Blair is performing as capital marketplaces advisor to ServiceMax in link with the transaction. Deutsche Financial institution, RBC Capital Marketplaces and Stifel are performing as monetary and funds marketplaces advisors to Pathfinder. Ropes & Grey LLP is performing as legal advisor to ServiceMax. Kirkland & Ellis LLP is performing as authorized counsel to Pathfinder.
ServiceMax’s mission is to help clients retain the globe functioning with asset-centric area support administration software package. As the regarded leader in this area, ServiceMax’s cellular apps and cloud-based mostly software program deliver a full view of property to field service teams. By optimizing field provider operations, clients throughout all industries can greater manage the complexities of services, aid quicker expansion, and run additional rewarding, final result-centric corporations.
About Pathfinder Acquisition Company
Pathfinder Acquisition Corporation (NASDAQ: PFDR) is a function-designed partnership between affiliates of two investment decision companies with a potent record of achievements as traders in technologies and tech-enabled organizations: HGGC, a major center-marketplace personal fairness organization primarily based in Palo Alto, and Business Ventures, a major multi-strategy undertaking capital system primarily based in San Francisco. Pathfinder’s company objective is to detect and execute a enterprise combination with a high excellent, growth-oriented non-public corporation in the tech sector that Pathfinder believes can realize success as a general public company and generate interesting returns for shareholders more than the very long phrase.
In link with the proposed transaction, ServiceMax will file a registration statement on Type S-4 with the SEC that will consist of a prospectus with regard to ServiceMax’s securities to be issued in connection with the proposed transaction and a proxy statement with regard to the shareholder assembly of Pathfinder to vote on the proposed transaction. Shareholders of Pathfinder and other intrigued persons are encouraged to go through, when offered, the preliminary proxy statement/prospectus as perfectly as other documents to be filed with the SEC due to the fact these documents will comprise essential facts about Pathfinder, ServiceMax and the proposed transaction. After the registration assertion is declared powerful, the definitive proxy assertion/prospectus to be integrated in the registration statement will be mailed to shareholders of Pathfinder as of a document day to be proven for voting on the proposed transaction. When accessible, shareholders of Pathfinder will also be able to obtain a copy of the S-4, including the proxy assertion/prospectus, and other paperwork filed with the SEC without demand, by directing a ask for to: Pathfinder Acquisition Corporation, 1950 College Avenue, Suite 350, Palo Alto, California. The preliminary and definitive proxy statement/prospectus to be provided in the registration statement, as soon as readily available, can also be received, with out demand, at the SEC’s web-site (www.sec.gov).
Contributors in the Solicitation
Pathfinder and ServiceMax and their respective administrators and govt officers may perhaps be thought of participants in the solicitation of proxies with regard to the likely transaction described in this communication underneath the policies of the SEC. Information and facts about the administrators and govt officers of Pathfinder and their possession is set forth in Pathfinder’s filings with the SEC, which include the ultimate prospectus filed by Pathfinder on February 18, 2021 relating to Pathfinder’s preliminary community giving and in its subsequent periodic stories and other filings with the SEC. Extra facts concerning the folks who may perhaps, beneath the principles of the SEC, be considered individuals in the solicitation of the Pathfinder shareholders in link with the probable transaction will be set forth in the registration statement that contains the preliminary proxy statement/prospectus when it is submitted with the SEC. These documents are accessible no cost of charge at the SEC’s web site at www.sec.gov or by directing a ask for to: Pathfinder Acquisition Corporation, 1950 College Avenue, Suite 350, Palo Alto, California.
No Offer you or Solicitation
This interaction is not a proxy assertion or solicitation of a proxy, consent or authorization with respect to any securities or in regard of the probable transaction and does not constitute an offer to market or a solicitation of an offer to invest in any securities of Pathfinder or ServiceMax, nor shall there be any sale of any these securities in any condition or jurisdiction in which these kinds of provide, solicitation, or sale would be illegal prior to registration or qualification below the securities rules of this sort of condition or jurisdiction. No offer of securities shall be built besides by usually means of a prospectus assembly the needs of the Securities Act.
Forward Looking Statements
This communication has forward-on the lookout statements within the that means of part 27A of the Securities Act and Section 21E of the Trade Act that are based mostly on beliefs and assumptions and on information currently offered to Pathfinder and ServiceMax. In some conditions, you can recognize ahead-looking statements by the adhering to terms: “may well,” “will,” “could,” “would,” “really should,” “expect,” “intend,” “strategy,” “foresee,” “imagine,” “estimate,” “predict,” “challenge,” “probable,” “proceed,” “ongoing,” “target,” “look for” or the adverse or plural of these words and phrases, or other related expressions that are predictions or reveal upcoming occasions or prospects, despite the fact that not all forward-searching statements have these words. Any statements that refer to expectations, projections or other characterizations of long run functions or instances, which include approaches or plans as they relate to the proposed transaction, are also ahead-wanting statements. These statements include hazards, uncertainties and other variables that may perhaps result in precise final results, levels of exercise, effectiveness or achievements to be materially diverse from the details expressed or implied by these ahead-on the lookout statements. Despite the fact that each of Pathfinder and ServiceMax believes that it has a affordable foundation for each ahead-hunting assertion contained in this communication, each and every of Pathfinder and ServiceMax caution you that these statements are based mostly on a mix of info and factors at this time regarded and projections of the long term, which are inherently uncertain. Forward-wanting statements in this communication include, but are not restricted to, statements concerning the proposed transaction, including the timing and framework of the transaction, the proceeds of the transaction and the benefits of the transaction. Neither Pathfinder nor ServiceMax can guarantee you that the ahead-looking statements in this communication will demonstrate to be precise. These ahead-wanting statements are subject to a quantity of risks and uncertainties, which includes, between others, improvements in domestic and foreign company, current market, financial, political and legal disorders the incapability of the events to successfully or well timed consummate the small business mix, together with the risk that any demanded regulatory approvals are not received, are delayed or are issue to unanticipated ailments that could adversely affect the mixed corporation or the expected benefits of the organization combination or that the acceptance of the shareholders of ServiceMax or Pathfinder is not obtained the failure to notice the predicted added benefits of the business enterprise blend hazards relating to the uncertainty of the projected money facts with respect to ServiceMax hazards connected to the timing and accomplishment of envisioned company milestones the outcomes of level of competition on ServiceMax’s enterprise the chance that the company mix disrupts present programs and operations of Pathfinder and ServiceMax as a consequence of the announcement and consummation of the organization mixture the ability to realize the predicted gains of the enterprise mix, which may perhaps be affected by, among other items, competition, the capability of the combined business to grow and regulate growth profitably, manage interactions with clients and retain its management and key personnel challenges relating ServiceMax’s heritage of no revenues and net losses hazards relating to ServiceMax’s intellectual house portfolio the sum of redemption requests built by Pathfinder’s general public shareholders the means of Pathfinder, ServiceMax or the blended firm to problem equity or fairness-joined securities or receive debt funding in link with the business mix or in the futureand other hazards and uncertainties, including people to be involved below the heading “Chance Aspects” in the registration statement on Kind S-4 to be submitted by ServiceMax with the SEC and all those integrated beneath the heading “Possibility Components” in the final prospectus filed by Pathfinder on February 18, 2021 relating to Pathfinder’s initial public presenting and in its subsequent periodic reports and other filings with the SEC. The forward-seeking statements in this communication characterize the sights of Pathfinder and ServiceMax as of the date of this communication. Subsequent activities and developments may well lead to that watch to adjust. Nevertheless, while Pathfinder and ServiceMax may elect to update these ahead-hunting statements at some level in the potential, there is no recent intention to do so, except to the extent demanded by applicable regulation. You need to, therefore, not count on these forward-hunting statements as symbolizing the views of Pathfinder or ServiceMax as of any day subsequent to the date of this interaction.
1 Assumes no redemption by Pathfinder shareholders
2 “Quadrant for Field Company Management for the 5th consecutive time” https://www.servicemax.com/press-releases/servicemax-named-a-chief-in-the-gartner-magic-quadrant-for-discipline-support-management-for-the-5th-consecutive-time
Supply Pathfinder Acquisition Company