TCV Invests $66 Million in TOA Technologies

Venture capital firm Technology Crossover Ventures (TCV) has invested $66 million in TOA Technologies, a provider of cloud-based software for improving productivity and managing mobile work forces.

The infusion of capital comes at a time when cable operators and other business with large numbers of employees based in the field are looking for better technologies for those employees.

To help with that, TOA Technologies offers the ETA direct field service management solution suite. The suite is used to manage mobile work forces for major companies in the satellite, cable, broadband, telecom, utilities, insurance, home services and retail industries, the company reports.

"Field service has become a strategic component of every service business," said Yuval Brisker, co-founder and CEO of TOA Technologies, in a statement. "As a result, organizations worldwide are rethinking the technology they use to run their mobile operations."

The TCV investment is the fourth largest venture-backed funding in software in 2013, according to CrunchBase data.

Previously TOA Technologies raised $35 million in funding from Draper Triangle Ventures, Early Stage Partners, Intel Capital and Sutter Hill Ventures.