Field service engineers may not be the first customer group that comes in sense when you think about lucrative opportunities in B2B technology. Hence that same blind spot tells all about the opportunity in the space for those who like to step up from their comfort zone and target “the job site.”
This is one of the players in the space XOi. That builds the software for maintenance people to snap pictures and have quick access to the information about the machines that they have fixed. That was announced on Tuesday and raised a fresh round of $230 million from the KKR for business expansion.
XOi using a chunk of funding for immediate growth and buying another company in space. To augment its database with further information on some 85,000.
They plan to integrate that data into their existing platform to provide more device-specific instructions and other data to their users. The further datasets will go to predict the maintenance and upgrade of the other works.
The amount that XOi is paying for Specifx and the value of the company following the fresh capital are not being disclosed. According to what we understand, KKR now owns a controlling stake in XOi, which had raised less than $20 million. We are also aware that Specifx’s price is less than half of KKR’s $230 million. This is the first acquisition made by XOi.
The transaction represents the most recent evolution for a business that has been in operation since 2010 and began in a little different industry than it does now.
XOi, a Nashville-based company, was once known as Pairasight and then XoEye.
In that version, the company was developing hardware. Specifically connected 3D glasses for do-it-yourselfers at first. Later on, field service technicians interacted with remote engineers and customer support representatives to obtain additional information remotely, in real-time. Hence the technicians were working on plumbing, air conditioners, stoves, electrical equipment, and other machines.
However, hardware is difficult, and that firm did not succeed. When ruggedized to the level required to remain intact on site. The form factors were too awkward, and the unit prices were too exorbitant for the company’s budget-conscious clients.
