Technology Crossover Ventures (TCV) invests $66 million in enterprise cloud software provider TOA Technologies
Fourth largest U.S.-venture investment in software this year goes to fast-growing Ohio-based SaaS leader for mobile employee enablement and management
PALO ALTO, Calif., July 18, 2013 /PRNewswire/ -- Technology Crossover Ventures, a leading provider of growth-stage capital to technology businesses that has previously funded companies like ExactTarget, Facebook, Zillow.com and Netflix, has invested $66 million in TOA Technologies.
With the consumerization of IT and proliferation of smart devices, businesses with all sizes of mobile workforces are beginning to realize they now have the opportunity to empower their people with the best and most intuitive technology. Leveraging cloud, mobile, social and context-aware collaboration, TOA Technologies has developed the most sophisticated solution for every company that has mobile employees, the ETAdirect field service management solution suite.
TOA Technologies' ETAdirect helps businesses large and small around the globe make sure the right mobile employee gets to the right appointment, with the right tools and information, on-time, every time, improving productivity and the customer experience.
"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," said Yuval Brisker, co-founder and CEO of TOA Technologies. "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. This solution must be flexible across all industries and business processes, across languages and geographies and available to anyone with a mobile device.
"As the only company that has taken full advantage of this pivotal moment of converging technologies with real invention and innovation, we have for years been driving the evolution of software applications that make service organizations successful. Now is the time to bring our award-winning products, proven approach and 100 percent track record of successful delivery to every service organization around the world."
The investment, the fourth largest venture-backed funding in software in 2013 and the largest ever in an Ohio software company, according to CrunchBase data, follows the announcement that TOA Technologies' cumulative annual contract value increased 444 percent from 2008 to 2012. Other recent accomplishments include:
- Named a Leader in the Gartner Magic Quadrant for Field Service Management
- New strategic partnerships with companies including salesforce.com, Oracle and Accenture
- A successful product launch of ETAdirect Professional to meet the needs of a growing mid-market opportunity
- Doubling the number of new customers from 2011 to 2012
- Recognition as one of America's Most Promising Companies by Forbes magazine
"We're thrilled to partner with TOA Technologies to bring ETAdirect to every organization that has mobile employees anywhere in the world," said Tim McAdam, general partner for TCV. "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."
TOA Technologies raised $35 million in previous funding from Draper Triangle Ventures, Early Stage Partners, Intel Capital and Sutter Hill Ventures. TCV's Tim McAdam will be joining TOA Technologies' Board of Directors.
For more information about Technology Crossover Ventures, including a complete list of TCV investments, visit http://www.tcv.com. To learn more about TOA Technologies and its ETAdirect solution, go to http://www.toatech.com.
About TOA Technologies and ETAdirect
Founded in 2003, TOA Technologies' vision is to transform the service experience into a meaningful and memorable interaction between service provider and customer – whether that customer is a person waiting at home for an installation, service or delivery, a doctor anticipating the repair of a life-saving medical device or a telecommunication providers' cell tower in need of immediate maintenance.
TOA Technologies is the leading provider of field service and mobile workforce management software solutions. ETAdirect, the only complete cloud application suite, measures everything that happens in the field, down to the minutest details of work and travel, and creates unique performance pattern profiles for each and every person in the field – a veritable work fingerprint. Using a proprietary and patented statistical analysis engine, it predicts when things will happen and how long they will take to do in the future. Using these predictions, ETAdirect holistically manages the entire service delivery process from start to finish: from the moment an appointment or service is requested, through planning, routing and scheduling, to real-time customer communications and field management. To support a broad spectrum of fieldwork, mobile employees use the most advanced and flexible HTML5-based mobility app available to support projects as well as context-aware collaboration.
With its groundbreaking technology, unique approach to field to service management and the shared knowledge of its expertise, ETAdirect and TOA Technologies consistently reduce costs while dramatically enhancing the customer experience for companies around the world. ETAdirect is quickly deployed, highly configurable and easily integrated with existing CRM, ERP and other systems.
Across four continents, ETAdirect manages mobile workforces for some of the world's most recognizable global brands in the satellite/cable/broadband, telecom, utilities, insurance, home services and retail industries. TOA Technologies is headquartered in the United States and has offices throughout Europe, Latin America, Australia and New Zealand. The company currently operates in 28 countries.
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage technology companies, providing funds to later-stage private and public companies. With $7.7 billion in capital raised, TCV has invested in nearly 200 technology companies over the last 17 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, Go Daddy, Genesys Software, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Sitecore, Splunk, Thinkorswim, and Zillow. TCV has 11 partners and is headquartered in Palo Alto, CA with offices in New York, NY and London.
SOURCE TOA Technologies
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