Oilfield service providers must convert their old field operations management procedures to digital systems as the market pressures the oil and gas industry to become more capital efficient.
Fremont, CA: ServiceMax, the leader in asset-centric field service management, has declared 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. ServiceMax will be able to develop its field service management solutions to meet the unique difficulties of the energy sector as a result of the acquisition.
Oilfield service providers must convert their old field operations management procedures to digital systems as the market pressures the oil and gas industry to become more capital efficient. Field Technicians in this industry are responsible for offering service to the customer as well as operating new digital systems aimed at improving productivity, maintaining assets, and growing revenue, whether working long rotations on an offshore platform with very limited connectivity or turnarounds in a refinery. The acquisition will better position ServiceMax to satisfy the industry's demand for digital service execution while also increasing 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," stated 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," stated 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."