Technology Crossover Ventures and TOA Technologies just completed what analysts considered as the fourth biggest venture funding in software this year. The deal also broke the record for the biggest investment for an Ohio software company.
In an announcement, Technology Crossover invested US $66 million in TOA Technologies, which is considered to be a market leader in IT customization and mobile field deployment. TOA has gained its good reputation by utilizing its ETAdirect field service management solution suite.Their software allows the dispatch and mangement of "field workers" through users' smartphones.
The capital infusion will be utilized to fund product innovations and to invest in global marketing efforts. Expsansion will also get a share of the funding.
TOA Technologies will be increasing its workforce from 56 to over 80 personnel before the year ends. This brings their employees to about 500 individuals from 460.
Technology Crossover has previously invested in Facebook, Zillow.com, ExactTarget and Netflix.
Yuval Brisker, CEO of TOA Technologies, said that with the new investment, "now is the time to bring our award-winning products, proven approach and 100 percent track record of successful delivery to every service organization around the world."
In a company data, TOA Technologies revealed that its total contract value each year jumped 444% between 2008 and 2012. It also doubled its customer base from 2011 to 2012. Apart from these achievement, it was also named by Forbes as one of America's Most Promising Companies.
Join the Conversation