TOA Technologies, a US-based software company which provides cloud-based field service management solutions, has raised $66m from venture capital firm Technology Crossover Ventures (TCV). GCA Savvian acted as financial advisor on the transaction.
TOA Technologies, which used to classify itself as providing mobile workforce management applications, has now raised a total $101m from investors including Intel Capital, the corporate investment arm of US microprocessor maker Intel, and venture capital firms Draper Triangle Ventures, Early Stage Partners and Sutter Hill Ventures. Prior to the latest funding, TOA Technologies’ most recent financing was a D funding round in May 2011, when it raised $17.2m led by Sutter Hill Ventures and including existing investors Intel Capital and Draper Triangle Ventures.
Tim McAdam, general partner for TCV, who will be joining TOA Technologies’ board of directors, said: “This is a company that offers the most advanced solution of its kind, has a proven track record helping businesses across multiple industries exceed their goals and has a fantastic plan for continued rapid growth. We are confident TOA will quickly and aggressively expand its reach and continue providing unmatched value by empowering organizations to enhance the customer experience while improving operational performance.”
Yuval Brisker, co-founder and chief executive officer of TOA Technologies, said: “Field service has become a strategic component of every service business. As a result, organizations worldwide are rethinking the technology they use to run their mobile operations. The mobile, cloud and social revolutions have created a once in a lifetime opportunity for a new kind of software to finally do the job right.”
TOA Technologies was founded in 2003.