ServiceChannel Posts Record Sales Growth, Helping Global Brands Address The $100 Billion Facilities Management Blindspot

Enterprise and Partner Expansion, Product Innovation Drive Unprecedented Customer Adoption

NEW YORK — August 28, 2018 — ServiceChannel, the leading facilities management platform, announced that its second quarter set a record in terms of sales growth and business momentum, surpassing all previous full years in the company’s history. The company also delivered significant enhancements and extensions to its product offerings, launched new strategic partnerships, and appointed seasoned executives to key roles. This quarter, ServiceChannel also opened an office in Silicon Valley to further deliver on its mission to optimize the $100 billion that U.S. multi-location organizations, like Bloomin Brands, Cole Haan, CVS Health, Louis Vuitton, and Under Armour, spend on their facilities management annually.

Today, more than 500 global brands across multi-location industries like retail, restaurant, convenience stores, banking, healthcare, grocery, storage, and spas/fitness trust in ServiceChannel to deliver lower costs, higher quality, and an improved customer experience across their physical locations. Additionally, more than 50,000 contractor companies, with an estimated one million service technicians, use ServiceChannel to operate more efficiently, receive more work, and get paid faster.

“We live in an era of incredible technology, yet the systematic care and feeding of millions of brick-and-mortar stores across the country is a $100 billion industry that’s largely operated in the stone ages,” said Tom Buiocchi, CEO of ServiceChannel. “I’d like to thank and recognize our progressive customers and contractor partners who have given us the opportunity to deliver them a modern solution.”

ServiceChannel was recently named among JMP’s Hot 100 list of top privately-held technology companies, and also was named a 2018 Nucleus Research ROI Award Winner.

Additional highlights from the first half of 2018 include:

Customer Expansion

  • Added over 50 new customers, and expanded its solution to 100 existing customers.
  • Grew the number of locations using the ServiceChannel platform to over 380,000 in more than 60 countries.
  • Achieved significant diversification by generating over one-third of its new customers in non-retail segments such as healthcare, financial services, government, insurance, fitness, and grocery.

Product Enhancements and Extensions

  • Released new Asset Management capabilities, including support for asset tagging with a range of tagging technologies, and the ability to monitor and manage assets with mobile devices, allowing for unparalleled visibility into the work history and maintenance, warranty, and preventive maintenance information for physical assets.
  • Introduced an integrated Refrigerant Tracking Manager, which helps grocery and supermarket chains, food retailers, convenience store brands, and pharmacies to  achieve compliance with ozone-depleting refrigerant regulations.
  • Launched a new Contractor Scorecard, offering both facilities managers and commercial contractors a comprehensive, quantified framework of key performance indicators to measure contractor performance in both repair and maintenance activities.

Key Partnerships

  • Introduced new partners to its partner ecosystem, including deeper integration with ServiceNow that creates a better workflow and more automated service delivery across the enterprise. The company also announced a ServiceChannel facilities management app which is now available in the ServiceNow store.
  • Announced a partnership with Ecofit, the IoT solution provider to the fitness industry, to provide proactive equipment monitoring and predictive failure resolution for equipment and assets that are managed by health and fitness facility owners and managers.

Key Investments in People and Support

  • Opened a new office in Silicon Valley to expand its product, engineering, and marketing capabilities.
  • Strengthened its executive leadership team by adding Todd Lutwak, former eBay executive and partner at Andreessen Horowitz, as its SVP of Business and Platform Development, and Kevin Ferguson, former executive at Rocket Fuel, as the company’s new chief revenue officer.

“Brick and mortar businesses are the lifeblood of our economy, and ServiceChannel is delivering sophisticated technology, business intelligence and analytics to a $100 billion facilities industry that for too long, has been relying on pen and paper," said Accel partner, Rich Wong. "We believe that ServiceChannel is poised to be one of the next huge B2B software players and we are honored to serve as a partner to them on this journey."

About ServiceChannel

ServiceChannel transforms facilities management for brands that want to deliver a great customer experience across their physical locations with peak operational performance. Executives and facilities leaders at more than 500 global brands like Bloomin’ Brands, Cole Haan, CVS Health, Louis Vuitton, and Under Armour, love the ServiceChannel platform for its marketplace of 50,000 service provider companies, cloud applications, analytics, and intelligence into their multi-billion annual repair and maintenance spend. ServiceChannel is a privately held company funded by Accel, with offices in New York City, Pleasanton, Calif., North Andover, Mass., and London. For more information visit www.servicechannel.info.