Palo Alto-based Technology Crossover Ventures (TCV) recently invested $66 million in Beachwood-based TOA Technologies, the largest ever venture-backed investment in an Ohio software company and the fourth largest of its kind in the nation last year.

TOA, which provides on-demand mobile workforce management solutions, began looking for investors about a year ago as part of its long-term growth plan. “We were looking at our ability to meet the opportunity ahead of us,” explains John Opdycke, vice president of worldwide marketing for TOA. “More and more companies are looking to manage their mobile employees, and more and more companies are depending on mobile employees to be the face of the company. Now we’re better prepared for rapid growth.”

In January TOA executives began talking to several investment firms. TOA had TCV on their short list, and TCV was looking for investment opportunities in the mobile workforce management industry. Founded in 2003, TOA has steadily grown. Prior to TCV’s investment, TOA announced its cumulative annual contract value had increased 444 percent from 2008 to 2012 and doubled its customers from 2011 to 2012. Additionally, the company developed strategic partnerships and successfully launched a new product, ETAdirect Professional.

The investment will go toward all aspects of the business, Opdycke says, including R&D, marketing and hiring. “Department heads are already talking about their hiring plans,” he says. TOA has 56 employees in Cleveland and expects to expand to 80 by the end of the year. Globally, TOA expects to increase employees from 450 to 600. “We’ll have an immediate uptick in the next six months and that will probably continue into 2013.”

Additionally, Opdycke sees the investment as good for Northeast Ohio. “It’s great to see a big VC looking outside Silicon Valley for investments,” he says. “We are more than happy to carry the light for other companies to look for investments outside the region. Such an infusion of cash in Northeast Ohio shows these things can happen in our part of the country.”

Source: John Opdycke
Writer: Karin Connelly