Houston-based oil field services tech company LiquidFrameworks is eyeing growth after being acquired by Pleasanton, California-based ServiceMax.
The $148 million deal closed in November 2021, and the two companies have been working through integration so far in 2022, said Travis Parigi, founder and CEO of LiquidFrameworks.
LiquidFrameworks develops field software products for oil field asset management, invoicing, ticketing, logistics and other areas of the oil and gas value chain. Some of LiquidFrameworks capabilities to operate completely offline and across multiple different operating systems has been attractive to ServiceMax, which serves a number of clients working on remote job sites. So the companies have been identifying areas to collaborate and combine technology systems.
"We are taking a couple of key technology pieces, even an entire module, and we're putting them over into the ServiceMax products so that they'll have this feature set as well," said Parigi.
LiquidFrameworks is also seeing more momentum in key oil fields as drilling and rig activity picks up from the lows of the Covid-19 pandemic. The company is adding more opportunities to its pipeline, which has been encouraging, Parigi said.
"I think oil field service providers recognize where the industry is going right now, and I think a lot of them want to put in systems to be able to operate in a more electronic fashion," he said.
As its pipeline of opportunities expands, LiquidFrameworks is adding new offerings for trucking logistics and item rentals through the FieldFX platform. LiquidFrameworks also plans to add new features to its existing 11 modules to better serve oil field service companies.
The company also has sales growth in mind. LiquidFrameworks plans to add account executives and members to its implementation team, Parigi said. The firm also plans to create a dedicated team focused on customer success to come in after implementation and drive greater adoption of LiquidFrameworks' offerings.
ServiceMax acquired LiquidFrameworks from private equity firm Luminate Capital Partners. LiquidFrameworks had previously received nearly $100 million in financing from Luminate Capital Partners in 2019.
Parigi formed LiquidFrameworks in 2004 to build a software product to help energy service companies track ticketing and customer charges. The company is headquartered in Greenway Plaza and generated $22 million in revenue during 2020, 91% of which was recurring software-as-a-service revenue, ServiceMax said.
In July 2021, ServiceMax announced plans to merge with special purpose acquisition company Pathfinder Acquisition Corp., through which ServiceMax would have emerged as a publicly traded company. However, the companies terminated the combination agreement in December, citing "unfavorable market conditions."
