|By Marketwired .||
|November 13, 2012 07:14 AM EST||
REDWOOD SHORES, CA -- (Marketwire) -- 11/13/12 -- Xtime, the leading cloud-based Customer Relationship Management (CRM) and scheduling platform for the automotive service industry, announced today that it has raised $23 million in Series 2 funding. The funding is led by Bessemer Venture Partners, with participation from Lumia Capital and existing investors RPM Ventures and Saints Capital. Additionally, with the new funding come additions to its board. Jeremy Levine, partner at Bessemer Venture Partners, and Heidi Roizen, accomplished Silicon Valley executive and venture partner at DFJ now join Xtime's board of directors.
"We believe these new investments support Xtime's place as the dominant leader in the hosted CRM automotive services marketplace," said Neal East, CEO of Xtime. "Auto manufacturers and dealers around the world have already embraced Xtime's award-winning solution in order to capture lost revenues, improve the customer service experience and retain brand loyalty."
Auto manufacturers and dealerships currently capture less than 33% of the market for maintenance and repair services, leaving billions of dollars on the table each year. As well, service department utilization rates are often below 75% and retention rates, post warranty, are often less than 50%, according to recent market studies. This combination of poor customer retention and under utilization is the huge opportunity that Xtime addresses.
"Xtime has pioneered an innovative approach to solving the major problems that plague today's automotive industry around the globe," said Jeremy Levine, partner at Bessemer. "With brands like Hyundai, Nissan and Lexus embracing Xtime as their solution and experiencing a significant return on their investment, Bessemer simply did not want to miss the opportunity to back Xtime's bright future."
Xtime leads the market for Automotive Service CRM and has demonstrated significant success including:
- Compound annual growth rate of 70% over the last 5 years
- 11 global auto manufacturer partnerships
- 4,800 dealership deployments in North America
- Almost 2 million consumers registered around the globe
- 8 offices around the world including North America, Europe, Australia and Asia
- More than 225 employees across its global offices
"Xtime is a fast mover in this segment of the automotive industry, bolstered by a clear solution to an ages-old problem," said Heidi Roizen, venture partner at Draper Fisher Jurvetson. "This infusion of funding will support multiple deployments simultaneously, allowing rapid global expansion. I'm delighted to work with Xtime leaders to drive the company toward substantial growth and market penetration."
"We've been using Xtime's ServiceCRM for more than two years and I can't imagine running my department without it," said Roy McAlister, Service Director at Thomas Nissan, Joliet Illinois. "It's a great tool for planning and viewing our department's operations, much better than we get with a DMS. It saves us plenty of time and money and gives our customers a superior overall experience. We love it."
Xtime transforms the automotive service industry with its cloud-based platform that deeply integrates with each dealer's DMS to enable seamless interoperations with dealership business processes. The end result is a sophisticated user experience that amplifies customer retention, shop utilization and profits for dealerships, while driving increased auto parts sales and repurchase loyalty for automakers.
Xtime is the leading cloud-based Customer Relationship Management (CRM) and scheduling platform for automotive manufacturers and dealer service departments. Xtime counts more than 4,800 dealerships as customers and has registered almost 2 million consumers. It processes more than 1.3 million appointments each month and has scheduled almost 50 million in total. Xtime is the exclusive or preferred provider for leading global automotive manufacturers in North America, including Lexus, Toyota Canada, Toyota US, BMW, Mercedes-Benz, Nissan, Infiniti, VW, Audi, Chrysler and Hyundai. Xtime is also the trusted choice for many of the industry's leading dealership groups including AutoNation, Group 1 Automotive, Sonic Automotive, Asbury, Luther, Ferman and Checkered Flag. Xtime is based in Redwood Shores, California and can be reached at (650) 508-4300 or www.xtime.com.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) is a global venture capital firm with offices in Silicon Valley, Cambridge, Mass., New York, Mumbai and Herzliya, Israel. BVP delivers the broadest platform in venture capital spanning across industries, geographies, generations and stages of company growth. From Staples to Skype, VeriSign to Yelp, LinkedIn to Pinterest, BVP has helped incubate and support companies that have anchored tidal shifts in the economy. More than 100 BVP-funded companies have gone public on exchanges in North America, Europe and Asia.
Bessemer Venture Partners has been a leading investor in Cloud Computing for more than 12 years, supporting early pioneers in this high-growth market including Postini, Cyota, Trigo, and VeriSign. During this time, BVP has invested in more than 50 Cloud Computing companies that are driving this market transformation. BVP's current cloud portfolio is one of the largest in the venture capital industry and includes leading public and private companies such as Box, Broadsoft (BSFT), Cornerstone OnDemand (CSOD), DocuSign, Eloqua (ELOQ), LifeLock, LinkedIn (LNKD), Shopify, Twilio, and Wix. For more information, visit http://www.bvp.com/cloud.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson (DFJ) is a venture capital firm that partners with extraordinary entrepreneurs who set out to change the world. Since 1985, DFJ and the DFJ Global Network have had $7B committed to their funds and have managed more than 400 portfolio investments, including AdMob, Baidu, Box, Skype, Hotmail, SpaceX, Tesla Motors, SolarCity, Twitter, Tumblr and Yammer. DFJ works with companies at seed, early and growth stages, with the goal of creating of iconic and lasting businesses. DFJ pioneers investing in emerging markets including consumer and enterprise information technology, digital media, and disruptive technologies. The DFJ Global Network is a federation of 16 independent venture funds operating on four continents that cooperate on investment diligence and co-investing. Learn more at dfj.com.
Diboll & Associates
Marketing and Public Relations
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
Oct. 24, 2016 01:00 AM EDT Reads: 3,569
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 24, 2016 01:00 AM EDT Reads: 763
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 24, 2016 12:45 AM EDT Reads: 745
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 24, 2016 12:45 AM EDT Reads: 959
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 24, 2016 12:45 AM EDT Reads: 1,335
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 24, 2016 12:15 AM EDT Reads: 868
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 23, 2016 11:45 PM EDT Reads: 11,348
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 23, 2016 11:00 PM EDT Reads: 1,269
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Oct. 23, 2016 10:30 PM EDT Reads: 4,576
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 23, 2016 09:45 PM EDT Reads: 1,867
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 23, 2016 09:15 PM EDT Reads: 984
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Oct. 23, 2016 09:00 PM EDT Reads: 5,992
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Oct. 23, 2016 08:45 PM EDT Reads: 1,288
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 23, 2016 08:30 PM EDT Reads: 1,721
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 23, 2016 08:30 PM EDT Reads: 1,108
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Oct. 23, 2016 07:30 PM EDT Reads: 2,073
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Oct. 23, 2016 06:45 PM EDT Reads: 1,013
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 23, 2016 04:30 PM EDT Reads: 814
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 23, 2016 04:15 PM EDT Reads: 1,480
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 23, 2016 03:30 PM EDT Reads: 1,495