Click here to close now.




















Welcome!

News Feed Item

ServiceMax Announces $71 Million in Series E Financing

Growth in $15 Billion Field Service Software Industry

PLEASANTON, CA -- (Marketwired) -- 03/04/14 -- ServiceMax, the leading field service management solution for a new era of business, today announced that it has closed $71 million in Series E financing. The round was led by Meritech Capital with significant participation by Kleiner Perkins Caufield & Byers, as well as new investors Cross Creek Advisors, QuestMark Partners, Sozo Ventures, as well as existing investors Emergence Capital Partners, Mayfield Fund, Trinity Ventures, Crosslink Capital, Adams Street Partners, and salesforce.com.

The investment serves as a strong endorsement of both field service as an industry and the software needed to power a modern field service organization. ServiceMax helps more than 300 customers across the globe perfect field service delivery, drive growth, and delight customers in industries spanning from oil and gas and medical device to telecommunication and utilities. ServiceMax has seen record-breaking growth in customers and revenue, while expanding global operations into Europe. The company will use the new financing to further scale all areas of its business including product, global expansion, and sales.

"Field service is a massive and growing industry that has been largely ignored by the major waves of business technology in the past 30 years," said ServiceMax CEO Dave Yarnold. "Our mission is to change history by literally putting ServiceMax into the hands of the tens of millions of service technicians across the globe who keep the world running. Every day our customers show us astonishing business impact that validates we're on the right course to create the standard technology platform for becoming that platform for an entire industry."

ServiceMax is growing at a breakneck pace with triple digit growth in revenue, bookings, and pipeline. The company added more than 100 customers last year alone, including Kodak Alaris, ArjoHuntleigh, and Canon U.S.A., Inc.

In a recent survey, ServiceMax customers reported a 22 percent increase in service revenue on average as well as a 14 percent reduction in costs associated with field service. Customers also saw:

  • Increased productivity through mobile by 26 percent
  • Increased first time fix rates by 19 percent
  • Decreased average-time-to-repair by 19 percent

Such results strongly underscore that ServiceMax is changing the economics of perfecting service and quickly establishing itself as a transformative and essential solution for modern field service.

"The demand for software that can make sense of field service's moving parts cannot be overstated," said Rob Ward, managing director at Meritech Capital. "No other company offers an end-to-end, cloud-based solution that delivers the right data to the right people at the right time. ServiceMax has the opportunity to be the Kleenex of field service, synonymous with an entirely new category of software aimed at one of the largest markets in the world."

"Field service management software is an estimated $15 billion industry, and ServiceMax can be the standard," said Kleiner Perkins Caufield & Byers partner David Mount. "The field service industry is everywhere. Every machine in a home, office, or hospital that needs to be installed, maintained, or repaired requires field service. By taking advantage of developments in cloud, social, and mobile technology, ServiceMax has become an indispensable partner to field service organizations globally."

About ServiceMax
There are more than five million field service technicians in the United States alone, yet today there is no standard technology for managing the way companies of all types and stripes empower them to truly delight their customers in the field. ServiceMax is rethinking field service and delivering on the promise of cloud and mobile software, powering a new era of field service experiences for their customers' customers. The impact of ServiceMax is simple: lower costs, greater efficiency, happier customers; all while increasing revenue. ServiceMax has helped customers on average increase productivity through mobile by 26 percent, service revenue by 22 percent, and customer satisfaction by 15 percent. ServiceMax customers include large enterprises such as Electrolux, Coca-Cola Enterprises, and Elekta, and smaller businesses like McKinley Equipment and Kinetico. Based in Pleasanton, California, they are a company of innovators, thinkers, and doers who care passionately about changing the world of field service. To learn more, please visit www.servicemax.com.

ServiceMax Media Contact:
LaunchSquad for ServiceMax
press [at] servicemax [dot] com
415-625-8555

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...