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
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...