ServiceMax raises $71 million in new funding
SAN FRANCISCO, March 4
SAN FRANCISCO, March 4 (Reuters) - ServiceMax field service management company said Tuesday it had raised $71 million in new financing, bringing its total funding to $120 million.
The Pleasanton, Calif.-based ServiceMax, which helps businesses such as medical device makers and oil and utility companies manage service appointments, plans to use the cash to expand internationally.
Technicians use a ServiceMax mobile app, with more information about the customer and relevant products than technicians typically have access to, ServiceMax Chief Executive Officer David Yarnold said in an interview. He said the technicians can tap into the information to talk to the customers about other appropriate products, resulting in a 22 percent increase in service revenue on average.
"We're not replacing anything," Yarnold said, referring to the tendency of new companies to take the place of an outmoded technology. "We're creating something."
Yarnold estimates the potential size of the field-management software industry at about $15 billion. He said the closest competitors are elements of software services provided by customer relations management businesses Oracle Corp and SAP AG.
Meritech Capital led the funding round, with participation from Kleiner Perkins Caufield & Byers and other new investors. Existing investors Emergence Capital Partners, Mayfield Fund, Trinity Ventures, Crosslink Capital, Adams Street Partners and Salesforce.com Inc also participated.