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 -- (Marketwire) -- 12/10/12 --
-- 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 solidarite 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
-- 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
-- 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 Tetu, 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.
418-263-1111 x233 Office
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