PLEASANTON, CA – March 4, 2014 – 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 and Arjo Huntleigh.
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 Partners. “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.”