JMI Invests in ServiceBench, Inc.
ServiceBench Closes $3.2 Million, Led by JMI Equity Fund, to Fuel Continued Growth
FAIRFAX, VA … March 4, 2004 – ServiceBench, Inc., the leading provider of Web-based service supply chain management applications, today announced a $3.2 Million investment, led by JMI Equity Fund and including existing investors NextGen Capital, WomenAngels and WWC Capital Fund. While ServiceBench ended 2003 as a profitable company, the Series C round of funding will be used to expand the Company’s Service Supply Chain Central product suite and provide for continued growth.
“This round of funding signifies a strong confidence in ServiceBench’s market leadership and we are honored to be linked with such a solid investment firm as JMI Equity Fund,” stated Michael Dering, President and CEO, ServiceBench. “This capital will be key to helping us effectively meet growing market demand for our proven technology solutions in the U.S. and abroad, while continuing to improve upon our innovative offerings.”
“At JMI, we are extremely pleased about the opportunity that ServiceBench represents, as a company that has set the benchmark for service supply chain efficiencies and is the market leader in the U.S.,” according to Bob Smith, General Partner, JMI Equity Fund. “With a strong track record of success among marquis manufacturing organizations and service-based companies, ServiceBench is well-poised for significant growth and international market expansion.” Mr. Smith will join ServiceBench’s Board of Directors.
# # #
About ServiceBench
ServiceBench is the leading provider of Web-based service supply chain management applications. With ServiceBench, manufacturers, distributors, extended warranty providers and service providers streamline processes, save time and money, and increase customer satisfaction. ServiceBench modular products work together to fully automate the complete range of service activities including warranty claims administration, parts ordering, service dispatch, product registration management and service network management. Additional information is available online at www.servicebench.com.
About JMI Equity Fund
JMI Equity Fund is a leading private equity firm focused on investing in high-growth companies in the enterprise software and information service markets. JMI invests in companies at all stages of development from start-up and expansion situations to management buyouts and recapitalizations. The firm has invested in over 50 companies and has approximately $400 million in capital under management. A number of portfolio companies have completed successful initial public offerings including BindView Development, eBenX, META Group, Mission Critical Software, NEON Systems, Peregrine Systems and Transaction Systems Architects. JMI has offices in Baltimore, Maryland and San Diego, California. For more information, visit www.jmiequity.com
Media Contact
Doug Larkin
D. Larkin for ServiceBench
(703) 250-3590
dlarkin@dlarkin.com
