Wheelings & Dealings: ServiceMax Receives $71 Million in Funding to Expand Field Service Management into Europe

Wheelings & Dealings: ServiceMax Receives $71 Million in Funding to Expand Field Service Management into Europe

By Laura Stotler

ServiceMax, a provider of field service management solutions, has closed on $71 million in Series E financing, the company announced. The funding will be used to scale all areas of the company’s business, including products, sales and global expansion.

With more than 300 global customers, ServiceMax has been working to expand its operations and refine its field service delivery offerings. The company serves customers in a variety of markets, including oil and gas, medical devices, telecommunications and utilities. ServiceMax will now focus on expanding its global operations into Europe.

"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 Dave Yarnold, CEO of ServiceMax. "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."

The company added more than 100 customers just within the last year, including Kodak Alris, ArjoHuntleight and Canon U.S.A. ServiceMax also experience tripled digit revenue growth.

"Field service management software is an estimated $15 billion industry, and ServiceMax can be the standard," said David Mount, partner at Kleiner Perkins Caufield & Byers, which led the funding round. "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."

Salesforce.com also contributed to the new round of funding, and the company announced a significant partnership with ServiceMax in November when the ServiceMax solution was launched on the Salesforce1 AppExchange. That means that ServiceMax gets all the benefits and network relationships that come with being a salesforce.com partner by leveraging the Salesforce1 Customer platform to reach developers, ISVs, end users, admins and customers. 




Edited by Cassandra Tucker
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

MSPToday Contributing Editor

SHARE THIS ARTICLE
Related Articles

Shining a Light on the Dark Web: Searchlight Cyber Debuts Comprehensive Hub

By: Greg Tavarez    3/28/2024

The Dark Web Hub is a one-stop shop for crucial context and continuously updated information on dark web marketplaces, ransomware actors, hacking foru…

Read More

Stellar Cyber and Trellix Bridge the Gap in Security Operations

By: Greg Tavarez    3/28/2024

Stellar Cyber announced the integration with Trellix Endpoint Security HX to allow customers to deploy more robust security solutions and improve thei…

Read More

CyberSaint Raises $21M in Series A Funding to Continue Securing its CyberStrong Customers

By: Alex Passett    3/27/2024

CyberSaint announced that it succeeded in a huge $21 million Series A funding round. This was led by Riverside Acceleration Capital (RAC) with other i…

Read More

US Education Receives Security Upgrade with Free Browser Protection Offered by Conceal, Carahsoft

By: Greg Tavarez    3/27/2024

Conceal and Carahsoft recently unveiled an initiative to fortify the cybersecurity infrastructure of U.S. educational institutions.

Read More

Cato's AI Takes Control of Security and Incident Response

By: Greg Tavarez    3/27/2024

With Cato's recently announced Network Stories for Cato XDR, advanced AI algorithms instantly identify outages in customer networks and conduct root c…

Read More