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Neil Barua, CEO of ServiceMax, stated, "Our mission is to help field service teams keep the world running, and the market to enable them with modern, innovative technology is a $34B 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".
FREMONT, CA: ServiceMax, a Pleasanton, California-based provider of asset-centric field service management solutions, closed $80m in growth funding round led by new investor Salesforce Ventures and existing investor Silver Lake.
The company intends to use the capital to accelerate growth, deepen product development, and support digital transformation and customer experience in verticals such as manufacturing, medical devices, energy, heavy equipment, and other industrial markets.
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ServiceMax, led by Neil Barua, CEO, is the global leader in asset-centric field service management. It offers a suite of field service applications that provide customers a complete view of their assets, which enables them to run more profitable and efficient service operations in complex, asset-intensive industries. ServiceMax has received notable industry analyst recognition, including being featured as a Leader in the Gartner Magic Quadrant for Field Service Management for four years in a row, a Leader in the first IDC MarketScape Report for Field Service Management, and most recently named a Leader in the IDC MarketScape Report for Service Parts Management.
Neil Barua, CEO of ServiceMax, stated, "Our mission is to help field service teams keep the world running, and the market to enable them with modern, innovative technology is a $34B 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."
The additional investment from Salesforce Ventures further intensifies the commitment between Salesforce and ServiceMax, who are long-time partners, to develop innovative breakthrough technologies designed for helping customers transform their businesses in field service.
Bill Patterson, EVP and GM of CRM Applications at Salesforce, said, "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."
"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," commented Ken Hao, Chairman and Managing Partner of Silver Lake.
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