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Silver Lake Takes Two Bites in the Tri -Valley - Public Companies in the Making? Silver Lake Management, one of the largest technology investors in the world, has been especially active in the Tri -Valley, acquiring both ServiceMax and Blackhawk Network Holdings in 2018. Based on the size and stage of these companies, combined with Silver Lake's long track record of successful public outcomes (Broadcom, NXP, Dell, SolarWinds), we would not be surprised to see both ServiceMax and Blackhawk make an appearance in public markets over the next few years. BLACKHAWK N E T W 0 R K Blackhawk Network Holdings was originally formed as a subsidiary under Safeway in 2001 as a channel to sell gift cards in its grocery stores. In 2013, the subsidiary reached nearly $1 billion in revenue and held an IPO. Shortly after, Safeway released all ownership and Blackhawk Network became an independent entity. Today the company is one of the top gift card processors in the world, operating in over 240,00o retail and online Locations. Silver Lake acquired the business in January 2018 for $45/share, a 29% premium over the previous go -day average share price, implying a $3.5 billion valuation. V* servicemax From GE Digital ServiceMax provides cloud -based field -service management software for enterprises to better manage their off-site technicians and service repair schedules. The company was founded in 2007 and by 2016 had raised $200 million in funding from firms like Kleiner Perkins, Mayfield Fund and Salesforce. We estimate the annual revenue at that time to be around $6o million. GE Digital quickly acquired the business for $915 million in January 2016. At the time, GE was in the midst of a massive digital transformation and saw ServiceMax as the key service component to its vision for an 'Industrial Internet' Unfortunately, that vision never reached fruition and a year later GE was forced to divest many of its assets. In December 2018, ServiceMax was carved - out by Silver Lake for an undisclosed amount, with GE retaining 10% minority ownership. On February 26, 2019, less than 8o days after the carve -out, ServiceMax announced their acquisition of Zinc, a field service mobile communications platform built on Salesforce. Interestingly Stacey Epstein, CEO of Zinc, was also the former CMO of ServiceMax from 2009 to 2014, and the two companies have had a Long history of business partnerships. It is clear, Silver Lake is not wasting any time taking ServiceMax to the next level. 20