Today, I’ve sent an email to our customers to personally let them know the news: Silver Lake announced an agreement for GE Digital to sell a majority stake in ServiceMax to Silver Lake. Under the agreement, GE will retain a 10% equity ownership in ServiceMax. ServiceMax and GE Digital have also entered into a reseller agreement to ensure ongoing collaboration to serve their joint customers, including GE’s industrial business units, and plan to continue to deeply integrate their technology offerings.
ServiceMax has a strong foundation of customers inside and outside the GE customer base. In Silver Lake, we have found a partner with a technology growth mindset and unique expertise in separating companies into standalone businesses.
Joining the Silver Lake family will provide the investment we need in continued technology development and market expansion in areas where we have seen significant traction, such as medical devices, construction and manufacturing industries. The new company structure gives us both the flexibility to provide solutions to all industrial manufacturers and the strategic backing of GE to continue to pursue the industrial asset operator markets.
For our customers, I hope you have seen my email this morning. Let us know if you didn’t get that, or check out our subscription center to see if you are opted out. You can reach out to me directly if you have any questions. As always, your account teams are also available to discuss.
There are great things ahead for 2019, and we are excited to continue the journey with you.