The deal marks the fourth largest venture-backed funding in the software sector this year and the largest ever in an Ohio-based software business.
TOA’s main product is ETAdirect, which helps businesses “make sure the right mobile employee gets to the right appointment, with the right tools and information, on-time, every time” to improve productivity.
The company recently said that its sumulative annual contract value jumped 444 per cent between 2008 and 2012.
TCV general partner Tim McAdam said, “We’re thrilled to partner with TOA Technologies to bring ETAdirect to every organization that has mobile employees anywhere in the world.
“This is a company that offers the most advanced solution of its kind, has a proven track record helping businesses across multiple industries exceed their goals and has a fantastic plan for continued rapid growth.
“We are confident TOA will quickly and aggressively expand its reach and continue providing unmatched value by empowering organizations to enhance the customer experience while improving operational performance.”
Earlier this year TCV led a $75m Series D round for advertising technology platform AppNexus.
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