ServiceMax Acquires LiquidFrameworks To Advance Field Service Management Solutions In the Energy Sector
Brings purpose-built field service management solution and domain expertise to meet unique challenges in oil and gas, industrial and environmental service
ServiceMax, the leader in asset-centric field service management, announced it has signed a definitive agreement to acquire LiquidFrameworks, a leading mobile field operations management solutions company specializing in the energy industry, from Luminate Capital Partners, a private equity firm investing in growth and enterprise software companies. The acquisition enables ServiceMax to expand its field service management solutions to meet the unique challenges of the energy sector.
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As the market continues to pressure the oil and gas industry to become more capital efficient, oilfield service providers must transform their legacy field operations management processes to digital systems. Whether working long rotations on an offshore platform with limited connectivity or turnarounds in a refinery, Field Technicians in this industry are responsible for delivering service to the customer along with operating new digital systems aimed at maintaining assets, improving productivity, and growing revenue. The acquisition will better position ServiceMax to meet the demand for digital service execution in this industry while expanding ServiceMax’s product portfolio and go-to-market channels.
“ServiceMax is committed to doing all we can to help companies keep critical assets – and the world – running. Strengthening our customer offerings in the energy sector is core to that commitment,” said Neil Barua, CEO, ServiceMax. “Combining ServiceMax’s modern field service platform with LiquidFrameworks’ industry expertise better equips us to provide oil and gas companies with the tools they need to ensure consistent, reliable service, and maximize asset performance.”
“ServiceMax’s history of innovation has been transforming field service organizations for over a decade,” said Travis Parigi, Founder and CEO, LiquidFrameworks. “The combination of LiquidFrameworks field-first, energy-specific offering, with ServiceMax’s asset-centric field service suite will be unparalleled in the market. We are committed to helping companies realize the promise of digital transformation.”
“We are proud of LiquidFrameworks’ growth and development over the course of our investment partnership, as the company delivered a differentiated, mission-critical SaaS offering that helped customers in the oil, gas, and industrial services industry react quickly and efficiently navigate the digital transformation journey,” said Hollie Haynes, Managing Partner at Luminate. “We are thrilled to see the company continue to support its customers through this combination with ServiceMax, further extending its competitive differentiation across the field service management landscape,” noted Mark Pierce, an Operating Partner at Luminate who has served as Chairman of LiquidFrameworks since the Luminate investment.
AGC Partners is acting as financial advisor and Kirkland & Ellis LLP as legal advisor to LiquidFrameworks and Luminate. Centerview Partners is acting as financial advisor and Ropes & Gray LLP is acting as legal advisor to ServiceMax.