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
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.