TOA Technologies Raises Significant New Funds to Expand FSM Space




TOA Technologies has recently raised $66 million [USD] from Technology Crossover Ventures (TCV) to continue to expand and execute on its vision for better field service management (FSM) globally. This announcement is important, as this is the largest single funding round in FSM software to date. FSM is a growing software market, and this news shows that it is quickly increasing in value and relevance globally. 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 together with cloud and social technologies.

Founded in 1995, TCV 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 “who is who in technology” investments include Altiris, C|NET, ExactTarget (now part of salesforce.com), 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, UK.

TOA has raised $35 million (USD) in previous funding from Draper Triangle Ventures, Early Stage Partners, Intel Capital, and Sutter Hill Ventures. This was the historical total funding that TOA had received prior to this announcement. The most recent other round was announced in mid-2011.

What Is TOA Technologies?

TOA Technologies is a provider of FSM and mobile workforce management (WFM) software solutions. The company was founded in 2003 with a vision to transform the service experience into a meaningful and memorable interaction between the 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. Leveraging cloud, mobile, social, and context-aware technologies, as well as the predictive and actionable information it delivers in real time, TOA’s flagship ETAdirect offering is suitable for large service enterprises.

ETAdirect, a true 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—i.e., 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.

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 investment follows the announcement that TOA Technologies' cumulative annual contract value increased 444 percent from 2008 to 2012 (see the blog post on its recent Telefonica mega win). Other recent accomplishments include the following:

  • 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


What TOA Plans to Do Now?

This funding will allow TOA to continue its expansion in new geographies, verticals, and downstream markets—and specifically accomplish the following:

  • TOA currently has a presence in 28 countries, and it continues to put TOA people in sales and support wherever its prospective and current customers are. This funding will help TOA continue this strategy of “global but local” (glocal) growth.

  • Historically, TOA has intentionally become an expert in certain industries, to then apply that expertise to new verticals. It should thus be able to broaden its focus to targeting a wider range of verticals that are largely untapped.

  • Since launching ETAdirect Professional in the fall of 2012, TOA has successfully delivered its ETAdirect platform to companies, which are more mid-market in size than its traditional average customer. This is TOA's opportunity to continue to identify and target these opportunities to go downstream with more resources.


It will be interesting to watch TOA’s intended expansion and its competitors’ counter moves (e.g., Click Software, IFS, ServiceMax, etc.). Get that popcorn ready!
 
comments powered by Disqus