GE Digital To Sell Majority Stake In ServiceMax - Quick Facts

(RTTNews) - GE Digital (GE) and Silver Lake announced an agreement for GE Digital to sell a majority stake in ServiceMax, a provider of cloud-based software productivity tools for field service technicians, to Silver Lake. GE will retain a 10% equity ownership in ServiceMax. The transaction is expected to close in early 2019. ServiceMax was acquired by GE Digital in 2016.

ServiceMax and GE Digital have also entered into a reseller agreement to ensure ongoing collaboration to serve their joint customers.

The Silver Lake portfolio includes leading technology and technology-enabled businesses such as Alibaba Group, Ancestry, Broadcom Limited, Cast & Crew, Ctrip, Dell Technologies, Endeavor, Fanatics, Global Blue, GoDaddy, Motorola Solutions, Red Ventures, Sabre, SoFi, SolarWinds, Symantec, Unity, Weld North Education and WP Engine.