PLEASANTON, Calif. – August 26, 2015 – ServiceMax, the global leader in cloud-based field service management solutions, today announced an $82 million Series F round of funding led by Premji Invest. The round also included new investors GE Ventures, PTC Inc., and Cloud Apps Capital, and existing investors Emergence Capital Partners, KPCB, Mayfield, Meritech, Adams Street Partners, Crosslink Capital, Questmark Partners, Sozo Ventures, and Trinity Ventures. This latest round brings the total capital raised by ServiceMax to $202 million.
As the fastest growing field service software company in history, ServiceMax will use the new capital infusion to continue the rapid expansion of its global operations, grow sales, support, and marketing worldwide, and increase product development to meet the evolving needs of leading companies globally.
“We are helping customers around the world leverage their service organizations to drive growth. With 400 companies relying on ServiceMax as their mobile field service solution, we’ve clearly established ourselves as the global market leader. We’re thrilled to secure financing that will enable us to continue investing in this massive market opportunity and fuel the convergence of field service and the Internet of Things,” said ServiceMax CEO Dave Yarnold. “In fact, we’re seeing that service is rapidly becoming the killer app for the Internet of Things. Having a robust field service solution to manage smart, connected machines will enable a company’s service organization to evolve from being reactive to proactive and eventually predictive.”
“To transform the future of work, industry requires digital tools and capabilities that connect workers, data and machines. Our investment in ServiceMax reflects GE’s commitment to improving field service automation by giving employees access to the right information at the right time, regardless of location,” said Brett May, Head of Ventures and Business Development, GE Software. “With this approach to field services, ServiceMax technology will help drive a shift in productivity, quality and customer service – and advance the Industrial Internet.”
Earlier this year ServiceMax and PTC – a pioneer and leader in the Internet of Things (IoT) – announced a partnership to provide customers with a seamlessly integrated product that combines modern field service management with connected device management.
“We’ve admired how ServiceMax is leading the charge to redefine service with their innovative products and pioneering industry perspective on the potential of IoT. That’s why we partnered with them to deliver the first complete mobile software offering for managing and optimizing smart connected machines in the Industrial Internet of Things,” PTC President and CEO Jim Heppelmann said. “We share their vision that service is a critical component for any company’s move to an outcome-centric business model. We’re entering a long-term and mutually beneficial partnership that will enable both of our businesses grow.”
Bangalore, India-based Premji Invest, the private investing arm of Indian business leader and Wipro Limited Chairman Azim Premji, joins ServiceMax to help grow the business globally following the company’s addition of 140 new customers last year and 200 percent growth in Europe, prior to the opening of a new office in Japan.
“We’ve watched ServiceMax become the leader in the service arena by helping their customers use service to leapfrog their competition,” said Premji Invest’s U.S. Lead Investor Sandesh Patnam. “Service is a key component for any company that wants to build loyalty, passion, and long-term commitment amongst its customers and ServiceMax embodies service. In the future, it will be rare to meet a service technician who does not have a ServiceMax product in his or her hands.”
ServiceMax leads the massive and global industry of field service management software — an $18 billion market worldwide. The company continues to reimagine and create solutions for the 20 million people globally who install, maintain, and repair machines across dozens of industries as the only provider of complete end-to end mobile and cloud-based technology for the sector. ServiceMax goes to every length – from joining technicians on service calls to publishing the industry's leading online publication – to help customers discover untapped innovation, unleash new revenue streams, drive efficiency, and most importantly delight their end-customer. To learn more, please visit www.servicemax.com.