Investment Summary

Adams Street Partners and Crosslink Capital Invest In ServiceMax

On December 17, 2012, asset manager Adams Street Partners and growth capital firm Crosslink Capital invested in software company ServiceMax

Investment Highlights
  • This is Adams Street Partners’ 18th and Crosslink Capital’s 8th transaction in the Software sector.
  • This is Adams Street Partners’ 79th and Crosslink Capital’s 54th transaction in the United States.
  • This is Adams Street Partners’ 35th and Crosslink Capital’s 40th transaction in California.
Investment Fate
  • ServiceMax was sold to a publicly-traded strategic buyer in 2016 for 915M USD.
  • ServiceMax was divested to a consortium of buyers in 2018.
  • ServiceMax was sold to a financial buyer in 2021.
  • ServiceMax was sold to a strategic buyer in 2022.

Investment Summary

Date 2012-12-17
Target ServiceMax
Sector Software
Investor(s) Adams Street Partners
Crosslink Capital
Deal Type Venture

Target

ServiceMax

Pleasanton, California, United States
ServiceMax is a provider of field services management software solutions for technicians and offers complete end-to-end mobile and cloud-based technology for the sector. ServiceMax was founded in 1999 and is based in Pleasanton, California.

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Investor(S) 2

Investor

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1972
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.


DEAL STATS #
Overall 86 of 152
Sector: Software M&A 18 of 30
Type: Venture M&A Deals 58 of 102
State: California M&A 35 of 59
Country: United States M&A 79 of 140
Year: 2012 M&A 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-03 Barracuda Networks

Campbell, California, United States

Barracuda Networks is a provider of security, networking and storage products based on network appliances and cloud service. Barracuda simplifies IT with cloud-enabled solutions that empower customers to protect their networks, applications and data, regardless of where they reside. Barracuda Networks was founded in 2003 and is based in Campbell, California.

Buy $130M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Craftsy

Denver, Colorado, United States

Craftsy is a preeminent online destination for passionate makers to learn, create and share. With online classes, popular supplies and indie patterns, over five million creative enthusiasts are taking their skills to new heights. Craftsy was founded in 2011 and is based in Denver, Colorado.

Buy -
Investor

Crosslink Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1989
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Crosslink Capital is a growth-oriented investment firm focused on technology companies. Crosslink's typically invests in early-stage companies, however, the Firm will consider opportunities at every stage, from seed to pre-IPO to PIPE offerings. Sectors of interest include communications/infrastructure services, core technology, semiconductors, internet, and software. Crosslink Capital is based in San Francisco, California.


DEAL STATS #
Overall 54 of 76
Sector: Software M&A 8 of 13
Type: Venture M&A Deals 48 of 69
State: California M&A 40 of 53
Country: United States M&A 54 of 76
Year: 2012 M&A 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-14 Twin Creeks Technologies

San Jose, California, United States

Twin Creeks Technologies was founded in 2008. Headquartered in San Jose, California, the venture backed solar technology company has a portfolio of over 60 patent applications and operates engineering and manufacturing locations in San Jose, Danvers, Massachusetts, and Senatobia, Mississippi.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-22 Marin Software

San Francisco, California, United States

Online Advertising Management Platform.

Sell -