|By Marketwired .||
|March 4, 2014 11:30 AM EST||
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."
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
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 6, 2016 01:30 PM EST Reads: 2,146
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 6, 2016 01:30 PM EST Reads: 311
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 6, 2016 12:30 PM EST Reads: 2,089
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 12:30 PM EST Reads: 1,006
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
Dec. 6, 2016 12:28 PM EST Reads: 143
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Dec. 6, 2016 11:54 AM EST Reads: 120
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 6, 2016 11:30 AM EST Reads: 1,016
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 11:15 AM EST Reads: 434
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Dec. 6, 2016 11:00 AM EST Reads: 574
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 10:30 AM EST Reads: 967
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
Dec. 6, 2016 10:30 AM EST Reads: 1,176
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 10:15 AM EST Reads: 546
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 6, 2016 09:00 AM EST Reads: 3,968
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Dec. 6, 2016 09:00 AM EST Reads: 5,819
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 09:00 AM EST Reads: 713