Every once in awhile, a team comes along with the capacity to recognize a significant unmet market need, a team that can create something great, something sustainable. ServiceMax is one of those companies. Its CEO, Dave Yarnold, as well as several of the key executives, hail from Success Factors — another highly successful Software as a Service (SaaS) company.
This team, with its deep understanding of the audience it serves, is the leader in field service management. Companies like Coca Cola Enterprises, P&G, and Schneider Electric deploy ServiceMax to manage thousands of field service and support representatives, guiding them to their jobs, helping them solve every customer problem in a single visit, and improving customer satisfaction and retention.
Indeed, ServiceMax users, on average, have seen an increase in first-time fix rates of 17% and a decrease in average time-to-repair of 18%. They achieve a 22% increase in service revenues, and because of the improvement in fix rates, the reduction in repair time, and improved collaboration between the field and the home office, customer satisfaction scores have improved by an average of 15%.
While these numbers are strong enough to attract the attention of investors today, things looked a bit different when Trinity made its original investment in 2009. We were just beginning to understand the extent of the team’s foresight, and the trends they were riding to the top.
For a bit of perspective, when we led ServiceMax’s Series B financing:
1. The team had correctly predicted that mobile penetration in the enterprise would parallel consumer adoption and that the use of mobile devices would be particularly valuable to field service personnel working remotely from their home bases.
2. Coupled with a SaaS pricing and delivery model, the ServiceMax platform could be efficiently sold, managed, and scaled with the growth of its customers.
3. An increased focus on field service productivity opened new opportunities for innovative technology companies that could boost efficiency and deliver improved customer satisfaction.
4. Finally, the team identified the need among many enterprise customers to improve customer retention by offering a better service experience. They made a substantial bet in launching ServiceMax in that direction.
ServiceMax now sits astride the confluence of four separate megatrends in the software world: mobility, SaaS (as a delivery method), labor productivity (focused on efficiency and expense reduction), and an increased emphasis on customer satisfaction. These four trends, coupled with a management team that has effectively executed on its vision, has led ServiceMax to 100% year-over-year growth. The result is today’s $71M Series E financing.
Trinity is proud to be a longstanding financial partner for this great company, and we look forward to supporting an entire generation of mobile enterprise startups in the future.