Atlanta February 11, 2002 Servigistics Inc., a provider of supply chain planning, forecasting and optimization software for service parts, made a two-fold announcement today. First, Robert Evans, former chief operating officer for i2 Technologies Inc., has been appointed to its board of directors. Second, the company has raised $18 million in venture capital funding.
Evans is a managing partner of Symphony Technology Group, a Redwood City, Calif.-based venture capital firm that participated in Servigistics' latest funding round of $18 million. According to the announcement made by Servigistics, Evans will help the company implement its product strategy and sales and marketing initiatives.
Besides Symphony Technology Group, leading the round is new investor Bain Capital Ventures, the venture capital arm of Bain Capital, one of the most experienced and successful private equity firms in the world. Additional funding was offered by SSM Ventures, Cordova Intellimedia Ventures, Robinson-Humphrey Netlanta Fund, UPS Strategic Enterprise Fund, and Encubate Technology Ventures all of which were previous investors. The company will use the proceeds from the financing to capitalize on customer demand, to continue broadening its product suite and to expand internationally to support its global clients.
As for Evans, prior to his role at i2 he served as president and chief operating officer of Aspect Development. Before joining Aspect Development, Evans ran Accenture's supply chain practice in the Americas as a managing partner for five years. Spanning more than 25 years, his supply chain background includes positions as vice president of customer support at Mazda Motor of America and founder and president of Caterpillar Logistics Services, a $400 million business that provides service parts management to leading global manufacturers.
Service parts planning represents one of the largest remaining areas of value creation for manufacturers, said Evans. Effectively managing service parts significantly reduces inventory, lowers logistics costs and delivers better service to customers. Servigistics provides the software solutions to do just that.
According to Servigistics, its results in 30 to 60 percent reductions in service parts inventories and 10 to 20 percent increases in customer service levels. It is designed for companies that have distributed field service networks in the high-tech, automotive, telecommunications, industrial equipment and utilities industries. The company's customers include Amdahl, Auspex Systems, Axcelis Technologies, CNT, Cray, EMC, IKON Office Solutions, Riverstone Networks, Siemens, and Subaru of New England.