From the Wires
ServiceMax Announces $27 Million in New Funding to Accelerate Global Growth
By: Marketwired .
Nov. 7, 2012 10:21 AM
PLEASANTON, CA -- (Marketwire) -- 11/07/12 -- ServiceMax, the leading provider of the industry's only complete suite of cloud-based, mobile and social field service management applications, today announced a $27 million series D investment led by Crosslink Capital to fuel the company's rapid growth and geographic expansion. Also participating in the round were ServiceMax investors Emergence Capital Partners, Mayfield Fund, and Trinity Ventures. ServiceMax has raised $52 million to date.
The funding comes on the heels of yet another quarter of triple-digit growth, in which ServiceMax saw its bookings increase more than 150% over last year.
"CEOs today are making their numbers because of their service organizations, and a solution to manage and maximize those profits is now a must-have business application," said Dave Yarnold, CEO of ServiceMax. "ServiceMax is enabling our customers around the globe to drive unprecedented levels of field service revenue and customer loyalty. Our new round of funding from proven investors with amazing track records will enable us to make the investments necessary to continue our rapid growth trajectory."
With software built from the ground up on cloud, mobile and social technologies, ServiceMax helps companies manage the entire field service management process, including: contracts, parts, scheduling, customer and partner portals, and more. ServiceMax counts customers of all sizes in more than 20 verticals, including industrial equipment company McKinley Equipment and Elekta, a large medical device manufacturer that is currently using ServiceMax across North America and Japan with Europe and Asia in the process of rollout.
In addition to success in the United States, ServiceMax has experienced substantial growth internationally and established a strong presence in Europe with a rapidly growing team. With the latest funding, ServiceMax will continue to invest aggressively in its European efforts and accelerate the company's successful international growth.
Joining the board is David Silverman, a partner at Crosslink Capital. Silverman brings 15 years of venture capital and investment banking experience to ServiceMax's board and has invested in numerous cloud companies with broad international success.
"The field service market is massive, nearly as large as salesforce automation, and ServiceMax has the right team and technology to take full advantage of this incredible opportunity," said Silverman. "Crosslink Capital invests in the most promising companies on the brink of exponential growth, and ServiceMax is primed to drive this market to new levels."
"Field service is the greatest use-case for cloud, mobile and social, and ServiceMax is built on a foundation of these technologies," said Jason Green, ServiceMax board member and partner at Emergence Capital. "The elite, proven team at ServiceMax combined with the huge market opportunity and their incredible pace of innovation, makes them the clear field service leader now and going forward."
ServiceMax was recently named the leading "Visionary" in the Gartner Magic Quadrant for Field Service Management, making the largest leap ahead of any field service vendor.
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