In this episode, Trusted Counsel’s Evelyn Ashley and John Monahon spoke to Steve Teel, President and CEO of ServiceCentral Technologies, Inc. ServiceCentral was founded in 1991 and is a private company headquartered in Atlanta, GA. The company provides web-based reverse logistics, service and repair management software solutions to companies to transform the after-sales service of product into a profit stream. ServiceCentral has gone through two acquisitions; the first in 2005, the second in 2017. As a result, their employee base has grown by 30% and the company has increased revenue by 50% (some of which is attributed to the joint venture opportunities their software enabled).
Steve has been in the IT business for approximately 25 years starting his career as a software developer. He joined ServiceCentral in early 2000’s. In the years leading up to the second acquisition in 2017, he made the strategic decision to focus mainly on making the customer experience side of service management more efficient. The factors weighing on his decision were marketplace changes, industry consolidation, and the desire to keep fickle customers loyal to the business. At work, the topic of discussion became building new applications in-house versus a business acquisition. Steve said, “these meetings got us to the idea that we could acquire Brickwire (whom they had a relationship with) and their technology platform could propel us into this service area where we wanted to improve for our customers versus building it in-house.”
It's been a year since ServiceCentral’s acquisition of Brickwire and Steve told us that the acquisition has been beyond their best-case scenario. There’s good cultural fit between both teams and they work very well together. In addition, the products are complimentary of each other and do extremely well in the marketplace. The acquisition has allowed ServiceCentral to gain better awareness in the marketplace, and now the new team is working closely on the concept of providing the customer end to end service management solution that they call “service network.” Steve said, “we’re getting a lot of traction in the industry that I didn’t think we would’ve had, had we not done the deal.”
During the course of the podcast, CEOs, business owners, and C-level executives will learn:
How ServiceCentral found the businesses it decided to acquire
The proactive steps that ServiceCentral took to address cultural differences post-acquisition
Questions every founder and or CEO needs to ask prior to considering an acquisition
Sage wisdom to listeners considering an acquisition
Where Steve sees ServiceCentral going in the next few years
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