Coveo Solutions Inc., a Québec City-based provider of advanced enterprise search technology and information access solutions, announced that it has secured C$18 million. The financing round was led by Canadian late-stage investor Tandem Expansion Fund and included existing investors BDC Venture Capital, Fonds de solidarité des travailleurs du Québec (FTQ) and Propulsion Ventures. Coveo has been venture-backed since the company’s founding in 2006.
Coveo Announces $18 Million Funding Led by Tandem Expansion Fund
Funding Fuels Growth as Demand Increases for Solutions that Create Greater Insights from Big Data and Improve Customer Engagement
QUEBEC – December 10, 2012
•Coveo announced today that it has secured $18 million in funding, in a round led by Tandem Expansion Fund, Canada’s largest late-stage technology investment firm. All major existing investors also participated in the round, including BDC Venture Capital, Propulsion Ventures SEC and Fonds de solidarité FTQ.
•The funding will support Coveo’s expansion as the market continues to heat up for solutions that enable actionable insight from Big Data. Coveo’s advanced search technology redefines how people access fragmented information and collaborate around the social enterprise. Organizations are increasingly data-rich but insight-poor, fueled in large part by the data variety explosion, the inability to integrate information from legacy systems, exponentially growing social media, and the move of many organizational systems to the cloud. Coveo brings together this collective knowledge for every user, giving them actionable insights into customers, products, projects, people and more.
•The company has grown significantly during the past several years, including several year–over-year quarters in 2012 of 80 to 100 percent growth in license revenue, and has been operating at or close to profitability. This funding will be used to expand Coveo’s sales and marketing efforts, and to help scale operations in advance of anticipated hyper growth.
•Coveo recently launched Coveo for Salesforce, a cloud-based application integrated into the Salesforce.com UI which brings the collective knowledge to every Salesforce user, delivering actionable insights for every customer interaction. Coveo automatically recommends content relevant to what the user is working on, whether that is an account, a lead, an opportunity or a case. It consolidates fragmented information from across a variety of cloud-based and social platforms, or on-premise databases or systems. Coveo for Salesforce is currently available for free trial via www.coveo.com, and is expected to be available via the Salesforce AppExchange within the next few weeks.
•Tandem Managing Director Andre Gauthier joins the Coveo Board of Directors concurrent with the funding. Mr. Gauthier has significant experience in financial management including multi-jurisdiction mergers and acquisitions, investor relations, reporting, corporate governance and regulatory compliance of U.S. and Canadian listed companies. Gauthier was executive vice president and CFO of Telesystem International Wireless Inc. (“TIW”) until it was sold to Vodafone Group Plc (“Vodafone”) in a transaction valued at U.S. $4.5 billion.
◦Andre Gauthier, Managing Director, Tandem Expansion Fund:“Our investment philosophy is to find great companies at a stage where they are ready to take their growth to the next level. Coveo has invested heavily in its technology, the market timing is a perfect storm for solutions that enable greater insight into highly fragmented data, and its customers rave about the ROI of the technology. We think Coveo is about to experience explosive growth.”
◦Louis Têtu, Chairman and CEO, Coveo:“Companies are struggling mightily with big, fragmented data, and are recognizing the need for powerful information access and consolidation technologies like never before. This is a major shift brought on by the need to better engage with customers, ensuring that every customer experience is more relevant and additive. The goal of the social enterprise is to connect customers and people at the center of all operations, and this is what Coveo enables through information.”
About Tandem Expansion Fund:
Tandem is a growth equity investor in Canadian technology businesses. Tandem is committed to helping Canadian companies and their management team to reach their full potential. Beyond capital, Tandem helps to make things happen by contributing its experience in building companies, its relationships and its proven ability to create value. Tandem values integrity, trust, openness and long-term relationships. For more information regarding Tandem, and to contact the Fund regarding investment opportunities: www.tandemexpansion.com. Other late-stage companies in the Tandem Expansion fund portfolio include Beyond the Rack, CiRBA, Acquisio and Solace Systems.
Coveo search technology redefines how people access and share fragmented knowledge around the social enterprise. Coveo brings together the collective and yet fragmented information from social, enterprise and cloud-based systems, and makes it relevant to every user and customer, every time. Coveo connects people to contextual content, and through content, to relevant people. This enables more efficient customer service, increased sales, shorter sales cycles, faster innovation for better product development and increased profitability. Coveo’s advanced search and unified indexing technology securely connects with and crawls all systems to create a virtual integration layer, by federating and normalizing structured and unstructured information.
The Company’s lines of business bring relevant insight to CRM for Sales & Customer Service, Web Content Management systems for personalized online experiences, and Enterprise Content so that engineering and operations can tap into content and stop reinventing the wheel. Among Coveo’s more than 400 customers are CA Technologies, Lockheed Martin, YUM! Brands, GEICO and Boston Children’s Hospital. For more information, visit www.coveo.com, follow us on Twitter @coveo or like us on Facebook.
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