ServiceChannel Closes New Funding, Implements Growth Initiatives

Investing in executive team, enterprise capabilities and market expansion

NEW YORK, May 5, 2015 – ServiceChannel, the leading SaaS service automation platform for facilities managers and contractors, today announced that it has completed a substantial equity financing and added to its senior management team to fuel its continuing growth and position the company to pursue new market opportunities.

The capital investment was through Bayard Capital (Bayard) and will fund a number of initiatives including accelerated product development and market expansion. The company recently expanded its operations beyond its New York headquarters with presence in London (UK), Columbus, Ohio, and Silicon Valley, with expansion into Asia Pacific planned for later in 2015. To support the operational expansion, ServiceChannel has doubled its headcount in the last two years to over 200. 

As part of the investment, founders Steven Gottfried and Serge Lubensky will serve as Chief Strategy Officer (CSO) and Chief Technology Officer (CTO), respectively, and both will continue their service on the company’s board of directors. Tom Buiocchi has been appointed President and Chief Executive Officer, while Dan Leff has been named Executive Chairman and Brent Pearson has been appointed CFO.  Bayard partners Buiocchi, Leff and Pearson were also named to ServiceChannel’s board of directors, and collectively have extensive experience in the technology, industrial, and energy sectors. 

“I am extremely excited about the next chapter of ServiceChannel’s growth and how we can continue to support our customers and partners in taking the industry to the next level,” said founder and CSO Steven Gottfried. “We are a proud Silicon Alley company and we are confident that this infusion of Silicon Valley talent and technology expertise will help ServiceChannel excel in the era of cloud, mobile and big data.” 

Also joining the board are Gary Korn, a New York-based real estate and technology investor, and Cameron O’Reilly, founder of Bayard.  Bayard drove the expansion of Landis+Gyr, helping it to become the world’s largest smart metering company, which it ultimately sold to Toshiba for $2.3 billion. 

The ServiceChannel platform integrates cloud, mobile and big data analytics into a more efficient and systematic solution that automates many key business processes for facilities managers, commercial contractors and suppliers.  Many of the world’s largest retail and restaurant chains use the ServiceChannel marketplace to optimize their repair and maintenance workflow, and to improve their ability to find, manage, analyze and pay contractors and suppliers across their business locations.

At its recent annual global user conference, ServiceChannel shared its progress and plans of investing heavily in research and development to build more enterprise-class features and mobile functionality for its cloud-based, analytics-rich software-as-a-service (SaaS) platform. In the first quarter of 2015, the company introduced a new version of its platform, including four new products: Custom Analytics, Site Audit Manager, Supply Manager and Payment Manager.

In addition to its new and expanded suite of solutions, ServiceChannel has achieved a number of company and industry milestones, including: 

• Rapid growth of the industry-leading ServiceChannel marketplace, which now processes over 10 million transactions and $4 billion in customer repair and maintenance spend annually.

• New customer adoption beyond its traditional retail and restaurant customers to include healthcare, urgent care, financial services and banking, and logistics.

• Expansion of the largest participating commercial contractor network, with more than 50,000 contractors and suppliers, including new suppliers such as Grainger, Capitol Light and Franklin Machine Products (FMP), who have recently joined to participate in the company’s new Supply Manager solution.

• Enhancement of technology partnerships that include GoodData for business intelligence and analytics, and Amazon Web Services (AWS) for world-class cloud services and system availability.

• Integration at customer locations with various solutions from SAP, Oracle, Lawson, Microsoft and others.

“We are very excited about ServiceChannel’s opportunities as the clear leader in service automation for commercial facilities and contractors,” said Buiocchi. “The services industry is undergoing a major technology transformation, and ServiceChannel has established a leading market position through its highly differentiated product portfolio and dedication to customer success.”

Additional Resources

Follow ServiceChannel on Twitter: @ServiceChannel  
Join ServiceChannel on Facebook: facebook.com/servicechannelinc
Connect with ServiceChannel on LinkedIn: linkedin.com/company/servicechannel
Read the ServiceChannel blog: blog.servicechannel.site.strattic.io/
Download the report “8 Financial Reports Every Facilities Manager Needs (and Every CFO Loves)”: http://hubs.ly/y0KrD70

About ServiceChannel

ServiceChannel provides facilities managers with a single platform to source, procure, manage and pay for repair and maintenance services from commercial contractors across their enterprise. By providing a real time, web-based view of service data across all trades, locations and contractors, facilities managers drive significant brand equity and ROI for their organizations without outsourcing or investing in new infrastructure.  The world’s leading global brands use ServiceChannel daily to conduct business with over 50,000 contractors at more than 120,000 locations in 63 countries.

 

Media Contact for ServiceChannel

Name: John Noh
Phone: 408-242-3852
Email: jnoh@servicechannel.com