ServiceMax raises $71 million in funding
ServiceMax has raised $71 million in funding, which brings them to a total of $120 million. Based in Pleasanton, California, ServiceMax helps businesses like medical device manufacturers and oil manufacturers manage service appointments. ServiceMax plans to use the funding to expand internationally.
The ServiceMax mobile app is used by technicians to access information about the customer and relevant products than they usually have access to. The technicians can tap into the information to talk to the customers about other appropriate products that results in a 22% increase in service revenue on average.
The field management industry is expected to be valued at around $15 billion. Some of their closest competitors are services that are provided by customer relations management businesses Oracle Corporation and SAP AG.
Meritech Capital led this round of funding with participation from Kleiner Perkins Caufield & Byers, Emergence Capital Partners, Mayfield Fund, Trinity Ventures, Crosslink Capital, Adams Street Partners and Salesforce.com.
[Source: Reuters]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry