ServiceMax Pitched Over 100 New Investors During Abandoned SPAC Process
Neil Brewer · ServiceMax Breaks $150m ARR, Kills 2021 SPAC, Growing 20-35% This Year Helping 400 Customers Schedule Technicians to do Physical Repairs · Jul 7, 2022 · at 23:19
ServiceMax CEO Neil Brewer explains the marketing upside of the company's canceled SPAC roadshow process.
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“A hundred plus investors that never knew about ServiceMax, being able to talk to them like we are with you, Nathan, and going into the guts is always a good thing.”
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“Silver Lake, who owns about 80% or some, a large percentage of the company as well as GE and then Salesforce Ventures.”
ServiceMax Approached $150M+ ARR With Positive Free Cash Flow
“I think the last disclosure we made was we were approaching hundred and fifty million dollars plus of ARR. So really well as getting operating profit and free cashflow positive as well.”
80% of Complex Asset Servicing Is Done by Full-Time Employees
“To serve a complex asset, you need a skilled technician to do that, right? And most of the time, 80% of the time, that's a badge employee. 20% of the time, by the way, they will train third parties and certify them.”
Spreadsheets and Clipboards Remain ServiceMax's Primary Competition
“It's actually not our competitors, right? It's a very, we have smaller competitors. Most of it is still manual processes. You put these guys and gals out in the field and they're using their spreadsheets or their clipboards to figure out how to solve an issue.”