TOA Technologies gets huge $66M infusion
Workforce management specialist TOA Technologies just raised a whopping $66 million from a venture capital company, money the company plans to use to for global expansion.
The latest investment was from Technology Crossover Ventures. TCV's Tim McAdam will be joining TOA Technologies' board of directors. TOA Technologies previously raised a total of $35 million from Draper Triangle Ventures, Early Stage Partners, Intel Capital and Sutter Hill Ventures.
TOA provides a cloud-based field service management software solution, called ETA Direct. The system is designed to make sure the right field employee gets to the right appointment with the right tools and the right information, on-time, every time, improving productivity and enhancing the customer experience.
Customers are in a variety of fields, including telecommunications and pay TV, utilities, B2B services, healthcare and retail.
"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.
The investment follows the announcement that TOA Technologies' cumulative annual contract value increased 444 percent from 2008 to 2012.