Enterprise software provider Salesforce co-led an $80m funding round for US-based field service management platform ServiceMax on Monday through corporate venture capital subsidiary Salesforce Ventures.
The round was co-led by Silver Lake, the investment firm that acquired a majority stake in ServiceMax in late 2018 from GE Digital, the subsidiary of industrial and power technology producer General Electric which bought the company for $915m two years earlier.
ServiceMax is the developer of a cloud software platform that helps original equipment manufacturers and service providers plan, schedule and manage the servicing of equipment.
Businesses can communicate with contractors and arrange returns of equipment through the system, which was built on Salesforce’s customer relationship management (CRM) platform, while monitoring the ongoing status of their physical assets.
The funding is the first to be raised by ServiceMax since the 2018 deal, which enabled GE Digital to retain a 10% stake in the company. It will be used for product development, digital transformation and customer experience.
Bill Patterson, general management of CRM Applications for 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.”
Salesforce Ventures had originally exited ServiceMax through the GE Digital acquisition in 2016 having participated in its $10m series B round in 2010, two years after the company won its Million Dollar Challenge.
