Software firm PTC said Thursday it will buy cloud-based provider of software ServiceMax for $1.46 billion in cash as it looks to expand its portfolio of product lifecycle management offerings.
The deal will be funded in two stages, with $808 million paid at closing expected in early January and $650 million paid in October next year.
The transaction is expected to be accretive to PTC's fiscal 2023 cash flow.
PTC and ServiceMax both help manufacturers of complex, highly configured products such as industrial products and aerospace to track and monitor products throughout their lifecycle.
Silver Lake had bought a majority stake in ServiceMax in 2019.
"PTC is poised to be the only company that will be able to offer manufacturers this comprehensive view of their products at each stage of the lifecycle," said PTC Chief Executive Jim Heppelmann.
Centerview Partners LLC served as financial adviser to PTC.
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