Company Revenues up 400% with Accelerated Market Penetration and Expanded Product Capabilities
Quebec City, Canada; Palo Alto, California - May 16, 2006 -Coveo Solutions Inc., a leading provider of secure enterprise search software, today announced a 400 percent increase in revenue during fiscal year 2006. This extraordinary growth has been fueled by a 300 percent increase in customer acquisition, significant momentum with strategic partners and the delivery of two new major product releases.
"The rapid growth of today's enterprise search market reflects the tremendous need for search solutions that fill the wide gap between older specialized search systems and web-focused search tools," said Frank Gilbane, President, Gilbane Group, Inc. "Coveo is one of the companies positioned to fill this gap and participate in the market expansion."
Coveo's strategic partnerships with Microsoft Certified Partners, and federal partners including GTSI and Intergraph have significantly contributed to Coveo's successful fiscal year.
"I recommend Coveo's product to all my customers. It offers a tremendous accuracy and ROI on their investment in document management", said Mauro Cardarelli, Managing Partner, Jornata. "Coveo has made SharePoint-based content recovery and discovery easier and more user friendly."
The most recent customer acquisitions, such as Australian Air, California Conservation & Liquidation, Fehr & Peers, NASA, Overland Storage, Schenectady International, Telhio Credit Union, and Wilmington Finance add to Coveo's rapidly growing roster of over 200 enterprise customers, which include 5 of the Fortune 50 from industries such as high tech, energy, consulting, telecommunications and aeronautics.
"We chose Coveo because it was simple to customize and integrate into our existing platform, and extremely easy for our developers to use," said Stephen Andrasko, VP Application Systems, Wilmington Finance. "Providing Coveo's search capabilities for our intranet users also helped eliminate inefficiencies, so our user base can now manage their own content and we can utilize our IT resources more effectively."
A key component to Coveo's success was the company's continued investment in innovation. The company delivered the latest upgrade to Coveo's flagship product-Coveo Enterprise Search 4.0 and Coveo Enterprise Search for SharePoint 4.0. With this latest version, customers are able to download an advanced search application, and start securely searching content across millions of documents, including content in audio files, within hours. Users can take advantage of "quick view", contextual summaries, and collaborative ranking to quickly navigate through documents in the result set. Administrators enjoy robust reporting, via an integrated administrative dashboard which allows fine tuning and optimization through an easy to use web-based interface.
"The significant increase in sales and the considerable expansion of our customer base during fiscal year 2006 clearly points to increasing customer acceptance and the market's excitement around the strategic advantage of Coveo's Enterprise Search," said Laurent Simoneau, president and CEO, Coveo. "Within corporate America, search is gaining more attention than ever before and we look forward to further exceeding the requirements of our customers and the marketplace."
About Coveo Solutions Inc.
Coveo Enterprise Search delivers secure, unified search across all documents and multi-media files located in file systems, databases, enterprise applications, email servers, intranets, and web sites. Based on industry standard ASP and .NET technologies, Coveo Enterprise Search delivers the best value in the marketplace with an award winning combination of out-of-the-box document level security, consumer style ease of use, unparalleled accuracy based on real-time file monitoring, concept extraction and summarization, fast deployment and minimal administration. Coveo's enterprise clients include AAA, AMN Healthcare, Eli Lilly, Fannie Mae, International Paper, Hewlett Packard, Lockheed Martin, NASA, AC Nielsen, and Verizon.
For more information, and to test drive Coveo Enterprise Search free for 30 days, please visit www.coveo.com.