ServiceMax Inc., a provider of process management services, today announced the completion of the acquisition of LiquidFrameworks, a mobile field operations management solutions company, specializing in the energy industry, from Luminate Capital Partners, a private equity firm investing in software companies.
One of LiquidFrameworks’ products, FieldFX, is a cloud-based mobile field operations software suite designed to manage contracts, quotes, equipment, jobs and field tickets for service companies in the energy industry. ServiceMax will incorporate the FieldFX product suite from LiquidFrameworks into the ServiceMax portfolio alongside its own offerings.
“The combination of two companies that have a longstanding history of field service management in the energy sector is exciting. Our customers will greatly benefit from breadth and depth of our product and services offerings,” said Travis Parigi, CEO and Founder of LiquidFrameworks. Parigi will join the ServiceMax leadership team to support the company’s focus on an end market positioned for growth.
Transaction Key Facts
During calendar year 2020, LiquidFrameworks generated revenue of $22 million, of which 91 percent is recurring SaaS revenue.
The total purchase price was $148 million, on a cash and debt free basis, subject to working capital adjustments. The acquisition was financed from ServiceMax’s cash on hand and borrowings.
New borrowings include a $100 million term loan supported by ServiceMax’s SaaS business model.
AGC Partners is acting as financial advisor and Kirkland & Ellis LLP as legal advisor to LiquidFrameworks and Luminate. Centerview Partners is acting as a financial advisor, and Ropes & Gray LLP is acting as a legal advisor, to ServiceMax.
SOURCE: ServiceMax Inc
