GE announced their acquisition of ServiceMax for $915 million earlier today. ServiceMax is a SaaS company focused on field service workers. Imagine having a number of employees that work in the field (e.g. fixing and servicing products) — ServiceMax provides the management platform. From their site:
ServiceMax’s mission is to empower every field service technician in the world to deliver flawless field service and every organization to unleash the untapped growth potential of service.
Here are a few quick notes on ServiceMax:
- Founded in 2007 (~9 years to exit)
- Raised $204 million (source)
- 469 employees on LinkedIn (source)
- Revenue guess based on $200k/year/employee – $94 million
- Built 100% on Force.com (source)
- 400+ customers (source)
Congratulations to Dave Yarnold and team on building a great business!