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ServiceMax Secures Additional Series D Funding From Adams Street Partners

Dec 17 2012 12:00AM

Marketwire

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PLEASANTON, CA -- (Marketwire) -- 12/17/12 -- ServiceMax, the award-winning creators of the first and only complete suite of cloud-based, mobile and social field service applications, today announced additional funding to close out the company's series D round. The latest investment comes from Adams Street Partners after the investment firm evaluated multiple field service companies.

"Field service is a massive and largely untapped market today. Our due diligence and conversations with customers led us to conclude that ServiceMax is the clear market leader, and is well positioned for continued growth," said Mike Zappert, Principal at Adams Street Partners. "The company's impressive roster of branded global customers, solid track record, and a proven leadership team gives us all the confidence that ServiceMax will continue to grow at an impressive rate."

Also participating in the round of funding was Crosslink Capital and existing investors Mayfield Fund, Trinity Ventures, and Emergence Capital Partners.

"With our new round of funding, we are focused on making investments in our business that will fuel global growth, and make every one of our customers insanely happy," said Dave Yarnold, CEO of ServiceMax. "Adams Street Partners is on board with our strategy going forward and will be a valuable partner to ServiceMax in our next phase of growth."

About ServiceMax

ServiceMax delivers the future of field service, today. The first and only complete suite of cloud-based, social and mobile field service applications, ServiceMax gives companies unprecedented capabilities in field service to optimize operations and delight customers. Companies use the ServiceMax suite to handle everything from contract entitlements to scheduling & workforce optimization, to inventory & parts logistics and real-time customer and partner portal access. Customers include large enterprises such as DuPont, Elekta, and Electrolux, and smaller companies such as McKinley Equipment and Advanta Clean. ServiceMax is headquartered in Pleasanton, California. For more information, please visit www.servicemax.com or find us on Twitter and Facebook.

About Adams Street Partners

Adams Street Partners is one of the largest managers of private equity investments for institutional investors around the world and manages more than $24 billion of committed capital. The firm operates as one cohesive global team, integrating expertise in three disciplines: primary, secondary and direct investments. Adams Street has a comprehensive perspective on the industry through its established relationships and experience in the private equity industry. Over the past four decades, the team at Adams Street has grown to 120 individuals based in five offices around the world -- Chicago, London, Menlo Park, Beijing and Singapore.



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Source: Marketwire


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