SOURCE: ServiceMax

ServiceMax

February 14, 2012 11:00 ET

ServiceMax Posts Record 185 Percent Growth in FY 2012, Exceptional Performance Against All Performance Metrics

Company Continues Aggressive Domestic & International Growth as Businesses Increasingly Realize Profit-Driving Benefits of Field Service Management

PLEASANTON, CA--(Marketwire - Feb 14, 2012) - Today, ServiceMax, the award-winning creators of the first and only complete suite of cloud-based, collaborative and mobile field service applications, announced a record 185 percent increase in bookings for the fiscal year ending January 31, 2012. A strong shift to collaborative and mobile cloud-based enterprise applications and the increasing importance of field service as a key business driver bolstered ServiceMax's impressive growth.

Highlights of ServiceMax's FY 2012 growth include:

  • Overall sales jumped 185 percent over FY 2011, including more than 300 percent growth in large enterprise bookings (companies with more than 2,000 employees)
  • Increased customer base by more than 70 to 150, including more than a dozen Fortune 500 companies
  • Add-on license sales to existing customers tripled, and new customer initial deal sizes doubled over the prior year
  • 97 percent customer retention rate
  • Raised $14M series C funding round led by Mayfield Partners
  • The company moved into new headquarters in Pleasanton, CA, and a new building in Bangalore, India to accommodate significant headcount growth necessitated by global demand for its solutions

"It was an amazing year across the board for ServiceMax. Our massive growth is evidence that the industry is ready to embrace a new approach, and more effectively leverage the power of their field teams," said Dave Yarnold, CEO of ServiceMax. "We are proud to have brought on some of the most innovative service companies as customers this year. While we continue to aggressively push for growth, we are intensely focused on delivering the best customer experience by combining the most innovative products and deepest domain expertise in the industry."

The National Association for Business Resources named ServiceMax one of the country's Best & Brightest Companies to Work For, noting ServiceMax's commitment to communication, community initiatives, compensation and benefits, diversity, employee education and work-life balance.

Results were strong in Europe where ServiceMax has aggressively expanded its presence, naming Mark Vashon ServiceMax's vice president and managing director for Europe. To support international expansion, ServiceMax is now available in eight different languages.

ServiceMax's global growth was driven by two significant updates to the ServiceMax suite, both rolled out in August 2011. The updates draw upon trends in consumer and enterprise technology, giving technicians and managers the flexible, intuitive tools they need to get work done more efficiently, on any device:

  • Service Flow Manager (SFM) revolutionized field service businesses processes by enabling businesses to integrate them directly into ServiceMax. Now, through simple drag and drop functionality, field service technicians are guided through the service process ensuring a consistent level of service on every work order.
  • ServiceMax for iPad 2 now extends SFM's flexibility to the only complete mobile field service solution on the market. ServiceMax for iPad 2 gives field technicians real-time mobile access to all customer, work order and product information. And with ServiceMax for iPad 2's signature capture, time and expense tracking and collaboration capabilities, technicians can close more work orders the first time.

"2011 was a significant year in the development of cloud-based field service solutions, with ServiceMax emerging as a key player in the market," said Sumair Dutta, Research Director at the Aberdeen Group. "Mobility, optimization, collaboration and performance management are necessities for field service organizations to become best-in-class, and these are key tools available in ServiceMax's cloud-based field service solution."

ServiceMax also continued to build community within the field service industry in 2011 by hosting regional FieldConnect events, where customers and non-customers can network, share ideas and best practices. ServiceMax also hosted its Bio-Medical Device User Group and saw record attendance at its annual customer meeting, ServiceMax 2011. Later in Q1 2013, ServiceMax will launch its online customer community and Spring '12, the latest version of the company's suite of products.

About ServiceMax
ServiceMax delivers the future of field service, today. The first and only complete suite of cloud-based, collaborative and mobile field service applications, ServiceMax gives companies unprecedented capabilities in field service management 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. ServiceMax is built and delivered as a native Force.com cloud application so customers are up and running quickly with a low cost subscription model that is completely integrated with their salesforce.com CRM. Customers include large enterprises such as DuPont, Electrolux and Pentair, and smaller companies such as Everyday Wireless and Advanta Clean. ServiceMax is headquartered in Pleasanton, California. For more information, please visit www.servicemax.com or find us on Twitter and Facebook.

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