ServiceMax: $80 Million Funding Round Led By Salesforce And Silver Lake

By Amit Chowdhry ● Mar 2, 2020
  • ServiceMax, a leader in asset-centric field service management, announced it raised $80 million in growth funding led by Salesforce Ventures and existing investor Silver Lake

ServiceMax — a leader in asset-centric field service management — announced $80 million in growth funding led by new investor Salesforce Ventures and existing investor Silver Lake. This round of funding will be used to fuel accelerated growth, deepen product development and support digital transformation and the customer experience in sectors like manufacturing, medical devices, energy, heavy equipment, and other industrial markets. And the funding comes on the heels of the company hitting a record-breaking year.

ServiceMax — which was built on the Salesforce platform — offers a suite of field service applications that provide customers a complete view of their assets thus enabling them to run more profitable, efficient service operations in complex, and asset-intensive industries.

The funding from Salesforce Ventures further enhances the commitment between Salesforce and ServiceMax to develop innovative breakthrough technologies designed to help customers transform their businesses in field service.

CDK Global is investing in Ripcord for streamlining the car buying experience. And CDK Global and Ripcord together enable solutions that will improve both the consumer and dealer experience by saving time, reducing errors, and driving down costs throughout the car buying process. And for dealerships, Ripcord provides added intelligence that helps them buy, sell, service and finance cars more competitively and with reduced processing costs – which ultimately leads to better prices for the consumer and higher profit margins for dealers.

Ripcord’s mission is to digitize the earth and usher in a green and paperless era with its vision-guided robots and advanced artificial intelligence and machine learning technologies. And Ripcord digitizes business processes that still rely on paper, and automates and modernizes customer workflows to bring efficiency and cohesion to time-intensive processes, and disconnected systems.

Most recorded knowledge of human history is exiled in paper, and Ripcord utilizes its intelligent software to free that information to make it searchable and accessible to everyone. And Ripcord provides the highest speed and accuracy in the industry, and creates streamlined and more automated processes that translate to increased profits for businesses, greater time savings for consumers, and reduced costs across the entire digital ecosystem.

Ripcord works with a number of major brands like Coca Cola, BP and Chevron, MUFG Bank, UCLA, Cantium, and a number of Fortune 100 companies, including three of the top five financial services and three of the top five insurance companies.

Key Quotes:

“ServiceMax has been a force in equipment and asset-centric industries for over a decade. ServiceMax’s solution on the Salesforce Platform has delivered great value for joint customers, and we look forward to further collaboration.”

– Bill Patterson, EVP and GM of CRM Applications at Salesforce

“We are excited to be joined by our partners at Salesforce Ventures in our investment in ServiceMax. The announcement validates the company’s market position and follows a record-breaking year for ServiceMax, including the largest new customer deal closed and the biggest year in company history.”

– Ken Hao, Chairman and Managing Partner of Silver Lake

“Our mission is to help field service teams keep the world running, and the market to enable them with modern, innovative technology is a $34 billion opportunity. We’re proud to continue to deliver the most innovative solutions available with ServiceMax’s field service management solution, to ensure uptime on the world’s most important assets.”

– Neil Barua, CEO of ServiceMax