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ServiceMax reported Q2 fiscal 2022 financial results, achieving a total revenue of $32.2 million, an 18% increase year-over-year, with subscription revenue up 24% to $27.5 million. Despite a loss from operations of $13.9 million, the company highlights strong demand for its cloud-native solutions. ServiceMax continues to be recognized as a leader in its field, recently signing significant contracts with key industry players and plans to acquire LiquidFrameworks. The company reiterates its fiscal 2022 guidance of $130 million in total revenue and $112 million in subscription revenue.
ServiceMax, a leader in field service management, has been recognized by Gartner as a Leader in the Magic Quadrant for Field Service Management for the sixth consecutive time. The evaluation highlighted ServiceMax's completeness of vision and ability to execute. The company recently launched ServiceMax Core 21.1, featuring enhancements like asset spotlight and a notification center. The ongoing merger with Pathfinder Acquisition Corporation (NASDAQ: PFDR) aims to solidify ServiceMax's position in the market.
ServiceMax has appointed Felicia Alvaro and Callie Field to its Board of Directors, expanding the board to eight members. This change comes as ServiceMax prepares for its upcoming Nasdaq listing via a merger with Pathfinder Acquisition Corporation (NASDAQ: PFDR). Alvaro brings extensive financial leadership experience from her previous role at Ultimate Software, while Field has over 15 years at T-Mobile, focusing on customer experience. Their expertise aims to enhance ServiceMax's strategic direction as it enters the public market.
ServiceMax announced the appointment of Sophie Ames as Chief Human Resources Officer, strengthening its leadership ahead of the planned Nasdaq listing following a merger with Pathfinder Acquisition Corporation (NASDAQ: PFDR). With 20 years of international HR experience, Ames aims to enhance employee engagement and drive diversity and inclusion strategies during ServiceMax's growth phase. CEO Neil Barua emphasized the importance of HR in the company's expansion. The merger's completion is pending Pathfinder's stockholder approval.
ServiceMax has announced a business combination with Pathfinder Acquisition Corporation (NASDAQ: PFDR), which will enable ServiceMax to become publicly traded under the symbol 'SMAX'. The transaction values ServiceMax at approximately $1.4 billion and is expected to generate about $335 million in gross proceeds. Additionally, ServiceMax plans to acquire LiquidFrameworks for $145 million, enhancing its position in field service management, particularly in the oil and gas sectors. The merger is anticipated to close in Q4 2021, subject to shareholder approval.
Pathfinder Acquisition Corporation has announced the pricing of its upsized initial public offering of 30 million units at $10.00 each, raising a total of $300 million. The units will trade on Nasdaq under the symbol PFDRU starting February 17, 2021. Each unit comprises one Class A ordinary share and one-fifth of a redeemable warrant, with whole warrants priced at $11.50 per share. The offering is sponsored by HGGC and Industry Ventures, with plans to target growth-oriented businesses. The offering is expected to close on February 19, 2021, subject to customary conditions.