GE Deepens Silicon Valley Push With $915 Million Cloud Purchase

Grazed from IndustryWeek. Author: Editorial Staff.

General Electric Co. agreed to buy ServiceMax, a cloud-based software company, for $915 million to expand its digital operations and enhance equipment maintenance. The deal will help GE automate and digitize the servicing of heavy-duty machinery, the Boston-based company said Monday in a statement. GE expects the acquisition to close in January.

“It’s no secret our services revenue is the bulk of our earnings and is a key part of what makes us successful,” Bill Ruh, chief executive officer of GE Digital, said in an interview. “We’re moving away from where it’s all on paper to where it’s all becoming fully automated. Services are becoming a key part of the digital economy.”…

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