PTC, a firm that develops and delivers technology solutions, completed the acquisition of ServiceMax, a software provider, from Silver Lake, a private equity firm, for $1.5bn. "Completing the ServiceMax acquisition ushers in the next era of PTC's closed-loop PLM strategy. With the ServiceMax® FSM suite in our portfolio, the solution set we can now offer for the service part of the product lifecycle is one of the broadest in the industry. We look forward to expanding the ServiceMax business globally and bringing these important product service capabilities to our customers," Jim Heppelmann, PTC President and CEO.