ServiceMax, a provider of cloud-based, mobile and social field service applications has secured $27 million series D investment led by Crosslink Capital. Also participating in the round were Emergence Capital Partners, Mayfield Fund and Trinity Ventures. ServiceMax has raised $52 million to date.
ServiceMax, the leading provider of the industry’s only complete suite of cloud-based, mobile and social field service 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.
Customer service has now become the most important business function for many companies with service revenue often outpacing sales revenue, and customer loyalty being of utmost importance. Recognizing that field service is a key differentiator, companies rely on ServiceMax to drive new levels of service revenue and customer delight.
With software built from the ground up on cloud, mobile and social technologies, ServiceMax helps companies manage the entire field service process, including: contracts, parts, scheduling, customer and partner portals, and more. ServiceMax counts customers in more than 20 verticals, including McKinley Equipment and Elekta, a medical device manufacturer who is currently using ServiceMax across North America and Japan with Europe and Asia in the process of rollout.
“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 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.”
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 and one not to miss, in which its size nears salesforce automation. 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.
ServiceMax delivers the future of field service, today. The first and only complete suite of cloud-based, social and mobile field service applications, ServiceMax gives companies unprecedented capabilities in field service management to optimize operations and delight customers. Companies use the ServiceMax suite to handle everything from contract entitlements to scheduling & workforce optimization, to inventory & parts logistics and real-time customer and partner portal access. Customers include large enterprises such as Elekta, Pentair, and Electrolux, and smaller companies such as McKinley Equipment and Advanta Clean. ServiceMax is headquartered in Pleasanton, California.