ServiceMax enters business combination agreement with SPAC company Pathfinder Acquisition Corporation

SaaS News -ServiceMax,-a-Leader-in-Field-Service-Management-SaaS,-to-Be-Listed-on-Nasdaq-following-Business-Combination-with-Pathfinder-Acquisition-Corporation(source: SaaS Industry)
At a Glance

ServiceMax has signed a business agreement with Pathfinder, a publicly-traded SPAC company. The field service management SaaS provider would itself become a public company and be listed on NASDAQ post the deal close

ServiceMax, a field service management SaaS provider, has recently announced its entry into a business combination agreement with Pathfinder Acquisition Corporation, a publicly-traded Special Purpose Acquisition Company (SPAC). The close of this transaction would list ServiceMax on NASDAQ as a public company.

Under the deal’s financial terms, ServiceMax would have an approximate value of $1.4 billion, both on a pre-money equity value basis and a pro forma enterprise value basis. It stated in a press release that the Pathfinder and ServiceMax Board have unanimously approved the deal. Post approval by the Pathfinder shareholders, the transaction is likely to close in the fourth quarter of 2021.

ServiceMax had also recently announced its acquisition of LiquidFrameworks from Luminate Capital Partners for an undisclosed amount to meet digital service execution demand, address unique challenges in the energy sector and facilitate its expansion of portfolio and go-to-market strategies. 

Neil Barua, CEO of ServiceMax, stated that the company suppliers, distributors, and manufacturers across the globe provide consistent and reliable service to their customers and added,

We’ve seen Original Equipment Manufacturers and operators increase their focus on digital transformation and we believe that ServiceMax is well-positioned to support those needs by leveraging our 10+ years of focus on complex service management for mission-critical equipment, and by innovating and delivering on a differentiated product strategy and roadmap. We believe this transaction with Pathfinder will allow us to accelerate growth and capture more opportunities within this growing $9 billion market,

Neil Barua, CEO of ServiceMax

David Chung, CEO of Pathfinder Acquisition Corporation, stated that it was a privilege to partner with a cloud-native, mobile-first SaaS provider like ServiceMax and added,

We believe that ServiceMax’s large and underpenetrated addressable market, accelerating growth, and best-in-class leadership team uniquely position ServiceMax to further redefine the field service management sector and provide its expanding user base with innovative, customer-oriented solutions.

David Chung, CEO of Pathfinder Acquisition Corporation
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