Welcome!

@CloudExpo Authors: Yeshim Deniz, Elizabeth White, Liz McMillan, Pat Romanski, Carmen Gonzalez

News Feed Item

Xtime Raises $23M in Venture Capital Funding

Plans to Expand Global Presence, Product Lines and Engineering Teams; Company Milestones Mark Leadership Position in Automotive Service CRM Market

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.

About Xtime
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.

Media Contact:
Lisa Copass
Diboll & Associates
Marketing and Public Relations
(925) 550-1885
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@CloudExpo Stories
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...