SAN FRANCISCO, March 4 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
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.