ServiceBench Closes $7.3 Million Led by Valhalla Partners
Growing Market Demand for Service Management Fuels Company Growth
FAIRFAX, VA … June 20, 2006 – ServiceBench, Inc., the leading provider of on-demand service management solutions, today announced a $7.3 Million Series-D investment led by Valhalla Partners with an additional co-investment from JMI Equity, a previous investor. Existing investors also include NextGen, WWC, WomenAngels.net, Washington Dinner Club and others. The round will be used to strategically pursue new market opportunities and drive expansion in the U.S. and abroad.
ServiceBench Service Management has helped some of the world’s largest companies make a pivotal shift to post-sales service for profit and competitive advantage. Founded in 2000, ServiceBench currently processes 40 million transactions per year between blue chip customers and 35,000 service chain partners in North America, Latin America and Europe – highlighting the growing need for on-demand Service Management. In 2005, ServiceBench was recognized by Deloitte as one of the 500 fastest growing technology companies in North America, named in the Washington SmartCEO Future 50 and listed by Manufacturing Business Technology magazine as one of 40 emerging software vendors.
“ServiceBench has built its business through strong industry partnerships that have helped us accurately forecast customer needs and proactively develop solutions that meet these requirements head on,” stated Michael Dering, President and CEO, ServiceBench. “With a track record in vertical market development and proven technology, ServiceBench is poised as a leading provider of Service Management solutions. This capital infusion will accelerate the next phase of our growth into new markets and enable global expansion.”
“After appraising the value of ServiceBench’s comprehensive product line, notable client roster and growing market potential, Valhalla was eager to add ServiceBench to its portfolio,” stated Hooks Johnston, General Partner, Valhalla Partners. “This investment underscores our commitment to working with pioneering companies that are shaping an increasingly robust future for the technology industry.”
“This round with Valhalla Partners reaffirms the wise choice we made in our previous investment in ServiceBench and demonstrates their growth and market valuation,” according to Bob Smith, General Partner, JMI Equity Fund. “I look forward to working with Mr. Johnston as part of the ServiceBench Board to help this key portfolio company power its momentum and continue building market leadership.”
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About ServiceBench
ServiceBench is a leading provider of service management solutions that integrate post-sales service activities including service call management, field service management, parts management, and warranty management. The ServiceBench on-demand system easily enables service transactions between manufacturers, retailers or extended warranty providers and their network of parts suppliers, distributors and service providers. ServiceBench solutions provide the essential foundation to manage the service chain for profit and competitive advantage. For more information visit www.servicebench.com.
About Valhalla Partners
Valhalla Partners is a leading venture capital firm focused on working closely with entrepreneurs to build enduring technology companies. Valhalla assists entrepreneurs by offering both seasoned advice and best practices that have been developed over the last twenty years. During that time, the Valhalla team has invested in or served as senior executives in over 100 entrepreneurial companies. For more information, visit www.valhallapartners.com.
Media Contact
Kim Larkin
D. Larkin for ServiceBench
Office: (703) 250-3590, x 3406
Mobile: (202) 391-5205
klarkin@dlarkin.com
