United States Silver Tender

GE Digital and Silver Lake announced an agreement for GE Digital to sell a majority stake in ServiceMax a leading provider of cloud-based software productivity tools for field service technicians to Silver Lake the global leader in technology investing. Under the agreement GE will retain a 10 equity ownership in ServiceMax. Since GE Digital acquired the company in 2016 ServiceMax has continued to invest in its technology and delivered growth that has outpaced the market over the past two years. ServiceMax and GE Digital have also entered into a reseller agreement to ensure ongoing collaboration to serve their joint customers including GEs industrial business units and plan to continue to deeply integrate their technology offerings.In collaboration with Silver Lake ServiceMax will enjoy increased agility to accelerate its growth initiatives pursue new strategic partnerships and execute a dedicated Field Service Management agenda. ServiceMax offers cloud software tools that improve the productivity of complex service and equipment-centric business operations for over 400 corporate customers across dozens of industries. As a separate company ServiceMax will have the strategic focus required to penetrate the vast 34 billion global Field Service Management software market opportunity. The majority of the approximately 39 million field technicians globally who install maintain and repair machines do not currently have access to any Field Service Management software such as ServiceMax.ServiceMax has a strong foundation of customers inside and outside the GE customer base said Scott Berg CEO ServiceMax. In Silver Lake we have found a partner with a technology growth mindset and unique expertise in separating companies into standalone businesses. Joining the Silver Lake family will provide the investment we need in continued technology development and market expansion in areas where we have seen significant traction such as medical devices construction and manufacturing industries. The new company structure gives us both the flexibility to provide solutions to all industrial manufacturers and the strategic backing of GE to continue to pursue the industrial asset operator markets.Field Service Management is a core element in the digital transformation of industrial operations and ServiceMaxs innovative platform provides field technicians with next-generation business-critical software and technology said Kenneth Hao Managing Partner and Managing Director of Silver Lake. We look forward to working with ServiceMax and GE to bring ServiceMaxs technology to a broader customer base increase investments in product development and help the company achieve its long-term potential.As part of GE Digital ServiceMax accelerated market reach into new regions expanded its Field Service Management capabilities and introduced its offerings to new industries. With this new relationship GE Digital and ServiceMax will continue to work together to provide solutions that help companies transform how they operate and manage their industrial assets across the entire asset lifecycle. The two companies will continue to advance the integration between GE Digitals Predix Asset Performance Management suite and ServiceMaxs field service management solution arming customers with a complete solution for proactive and predictive maintenance.For almost 20 years Silver Lake has invested behind enterprise technology leaders in partnership with management. ServiceMax joins current and prior Silver Lake portfolio companies such as Broadcom then Avago Technologies Cast Crew the Dell Technologies family of businesses including Pivotal SecureWorks and VMware GoDaddy NXP Red Ventures Skype SolarWinds and Unity.The transaction is expected to close in early 2019. Financial terms of the deal were not disclosed.Morgan Stanley Co. LLC served as financial advisor and Skadden Arps Slate Meagher Flom LLP acted as legal advisor to Silver Lake.