Significant growth anchored in new enterprise client wins in customer service market
QUEBEC CITY and CHICAGO – February 3, 2010 - Coveo, a leading provider of enterprise search and information access solutions, today announced record Q4 2009 results and corporate achievements. Highlights of Coveo’s most successful quarter to date include record sales of 37 deals with new and existing customers, the completion of its Series B round of financing, and several new product innovations.
In Q4 2009 Coveo expanded relationships with existing customers, including CA and GEICO, and added new enterprise clients including one of the world’s largest restaurant companies; Quantum Corp., the leading global specialist in backup, recovery and archive; as well as Trading Technologies; Platt Electrical Supply; Laureate Education, Inc.; Grand Circle Travel; and several other leading organizations.
According to Coveo CEO Laurent Simoneau, Coveo’s fourth quarter sales were largely driven by demand for the company’s recently released Customer Information Access Solutions. “Our customer service solutions are extremely well received by organizations with complex customer service environments,” he said. “Technology companies, complex manufacturing and financial services in particular, where call center agents traditionally open between 12 and 20 screens, all with separate logins, benefit significantly from our single-screen, customer information access solutions. They also create significant ROI by driving more customers to the website rather than calling in for solutions to their issues.”
Coveo Customer Information Access Solutions provide call center agents, field managers, and customers themselves, with a composite view of customer, product and case information – all without moving data.
John Ragsdale, VP, Technology Research, TSIA said, “Tied to no single knowledge base or content management tool, Coveo’s platform does very creative indexing of all enterprise and customer support content (biggest library of packaged connectors I’ve seen) and enables additional attribution or meta data to be associated to the content–sort of sophisticated tagging.”
He continued, “With the slickest mashup capabilities I’ve seen–including real time data pulls–they have created dashboards, pulling in and analyzing data from any number of content sources, and showing the results. It is much more than a search engine, or a dashboarding tool, or a reporting platform, though it can do all of these things well. Additionally, by enriching existing content with additional metadata, Coveo can help companies leverage old legacy systems that still serve their purpose but don’t allow much in the way of integration or reporting.”
In addition to Coveo’s new Customer Information Access Solution, Coveo released its free, entry level enterprise search solution, Coveo Expresso™ in Q4 2009. Coveo Expresso places the power of enterprise information access in the hands of employees everywhere, at no cost, for up to 50 users, 1 million desktop files and email items and 100,000 Intranet documents. Coveo Expresso is expandable for larger user and collaboration needs, at a price point significantly lower than any other enterprise search platform on the market, including appliances, and with far superior functionality. Coveo Expresso is available for immediate download at www.coveo.com/expresso.
In Q4 2009, Coveo also announced the completion of its Series B round of financing in the amount of $8.2 million. Led by BDC Venture Capital, a Red Herring Top 100 VC firm, the financing included all existing major investors, among them Propulsion Ventures SEC, The Solidarity Fund QFL, and Coveo Chairman Louis Têtu. Coveo plans to use the proceeds of the financing to fund its ongoing expansion, including the hiring of an additional 60 employees over the next two years and accelerating its industry-leading product development.
“To record our most successful quarter to date, particularly in the current economic environment, is a true testament to the value our solutions deliver to organizations, and the talented and passionate people we have working here at Coveo,” said Louis Tetu, Executive Chairman, Coveo. “We have built a world-class organization that is extremely smart, agile, and dedicated to customer success. I look forward to another successful year with such a great team as we continue to push the boundaries of what is possible with unified access to information.”
About Coveo
Coveo is a leader in enterprise search-powered solutions. The Coveo Enterprise Search Platform and Customer Information Access solutions help organizations generate value from information and knowledge stored across the enterprise, in virtually any system, whether they reside in the cloud or on enterprise servers—all without moving data. Companies can also get started at no cost, with Coveo Expresso, a free, entry-level enterprise search solution.
With Coveo’s unified indexing technology, companies gain an alternative to expensive system upgrades and integrations, and are able to harvest existing IT infrastructure while providing actionable insight into information and knowledge. Coveo helps companies to Stop Moving Data™ by combining structured and unstructured data from virtually any enterprise system into a central index, which is then accessed securely to drive more value through multiple business processes.
Coveo’s more than 700 global implementations contribute to the success of, among many others, AmerisourceBergen, CA, Deloitte, GEICO, ESPN, Haley & Aldrich, Lockheed Martin, Odyssey America, P&G, PricewaterhouseCoopers, Rabobank, SNC-Lavalin, Spencer Stuart, Theodoor Gilissen Bankiers N.V., Children’s Hospital of Boston, Sony Ericsson, Macquarie Bank, Patek Philippe, IMS Health, Nexen, ICBC, SSQ Financial, and the U.S. Navy. Information and video demos are available at www.coveo.com.
Press Contact:
Kate Lukach
Coveo
klukach@coveo.com
418-263-1111 x 233