Brewer: GE Acquired ServiceMax in 2016 for Close to $1 Billion
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 5:19
Neil Brewer, CEO of ServiceMax, describes the founding and acquisition history of the field service software company.
0:00 / 0:10exact quote · 10.7s
720p mp4 · rendered on demand · StarZero watermark
“Founders Athani and Hari built the company, actually, and was one of the hottest startups, which ultimately got sold to GE, I think in 2016, Nathan, for close to a billion dollars.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Neil Brewer
Silver Lake Owns Roughly 80% of ServiceMax Alongside GE, Salesforce
“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.”