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Silver Lake to Acquire Majority Stake in ServiceMax from GE Digital


Strategic partnership to accelerate growth of leading provider of
Field Service Management software

GE to continue as minority investor

GE Digital (NYSE:GE) and Silver Lake announced today an agreement for
GE Digital to sell a majority stake in ServiceMax, a leading provider of
cloud-based software productivity tools for field service technicians,
to Silver Lake, the global leader in technology investing. Under the
agreement, GE will retain a 10% equity ownership in ServiceMax. Since GE
Digital acquired the company in 2016, ServiceMax has continued to invest
in its technology and delivered growth that has outpaced the market over
the past two years. 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.

In collaboration with Silver Lake, ServiceMax will enjoy increased
agility to accelerate its growth initiatives, pursue new strategic
partnerships and execute a dedicated Field Service Management agenda.
ServiceMax offers cloud software tools that improve the productivity of
complex service and equipment-centric business operations for over 400
corporate customers across dozens of industries. As a separate company,
ServiceMax will have the strategic focus required to penetrate the vast
$34 billion global Field Service Management software market opportunity.
The majority of the approximately 39 million field technicians globally
who install, maintain and repair machines do not currently have access
to any Field Service Management software such as ServiceMax.

"ServiceMax has a strong foundation of customers inside and outside the
GE customer base," said Scott Berg, CEO, ServiceMax. "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."

"Field Service Management is a core element in the digital
transformation of industrial operations, and ServiceMax's innovative
platform provides field technicians with next-generation,
business-critical software and technology," said Kenneth Hao, Managing
Partner and Managing Director of Silver Lake. "We look forward to
working with ServiceMax and GE to bring ServiceMax's technology to a
broader customer base, increase investments in product development and
help the company achieve its long-term potential."

As part of GE Digital, ServiceMax accelerated market reach into new
regions, expanded its Field Service Management capabilities and
introduced its offerings to new industries. With this new relationship,
GE Digital and ServiceMax will continue to work together to provide
solutions that help companies transform how they operate and manage
their industrial assets across the entire asset lifecycle. The two
companies will continue to advance the integration between GE Digital's
Predix Asset Performance Management suite and ServiceMax's field service
management solution – arming customers with a complete solution for
proactive and predictive maintenance.

For almost 20 years Silver Lake has invested behind enterprise
technology leaders in partnership with management. ServiceMax joins
current and prior Silver Lake portfolio companies such as Broadcom (then
Avago Technologies), Cast & Crew, the Dell Technologies family of
businesses (including Pivotal, SecureWorks and VMware), GoDaddy, NXP,
Red Ventures, Skype, SolarWinds and Unity.

The transaction is expected to close in early 2019. Financial terms of
the deal were not disclosed.

Morgan Stanley & Co. LLC served as financial advisor and Skadden, Arps,
Slate, Meagher & Flom LLP acted as legal advisor to Silver Lake.

About GE Digital

GE Digital is reimagining how industrials build, operate and service
their assets, unlocking machine data to turn valuable insights into
powerful business outcomes. GE Digital's Predix portfolio – including
the leading Asset Performance Management and Field Service Management
applications, as well as Predix Private Cloud – helps its customers
manage the entire asset lifecycle. Underpinned by Predix, the leading
application development platform for the Industrial Internet, GE Digital
enables industrial businesses to operate faster, smarter and more
efficiently, wherever their operations require. For more information,

About Silver Lake

Silver Lake is the global leader in technology investing, with about
$45.5 billion in combined assets under management and committed capital
and a team of approximately 100 investment and value creation
professionals located in Silicon Valley, New York, London and Hong Kong.
Silver Lake's portfolio of investments collectively generates more than
$225 billion of revenue annually and employs more than 390,000 people
globally. 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. For
more information about Silver Lake and its entire portfolio, please

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