Coveo Achieves Another Record-breaking Quarter and Calendar Year of Rapid Growth
2015 highlighted by accelerated growth, innovation, and industry recognition
Coveo, a recognized leader in intelligent search, achieved record-breaking, year-over-year growth for its 2015 fourth quarter and calendar year ended December 31, 2015. In Q4 2015, Coveo revenue bookings grew more than 300 percent compared to Q4 2014, while its calendar year revenue bookings grew more than 200 percent over 2014, sealing an exceptional growth year for 2015.
In Q4 2015, Coveo also completed a funding round of $35 million, bringing the company’s total financing to $75 million. In addition, the company led industry innovation with the launch of its breakthrough Coveo self-learning search service based on machine learning. Coveo was recognized as an industry leader by Forrester and Gartner, and won a number of industry awards in 2015. Coveo also grew its ecosystem of system integrator partners, expanded its executive team, and hired more than 50 employees to support the company’s growth.
Both the quarter and the year saw expansive growth in multiple industry verticals. For both periods, Coveo’s top vertical markets included: Financial Services, High Tech, Manufacturing, Government, Healthcare and Business Services.
“2015 as a whole was exceptional, as a record number of new customers chose Coveo to better engage their customers and upskill their employees with the best information, every time and everywhere,” said Louis Tetu, CEO of Coveo. “While our revenue bookings grew very rapidly throughout the year, we also launched industry firsts. These include Coveo Cloud, the first end-to-end, cloud-based intelligent search service; and Coveo Machine Learning, which uses machine learning to make information relevance effortless. We were also honored to be named an industry leader by both Gartner and Forrester research firms during 2015. Ultimately, our momentum and success happen when our customers can give all of their customers, employees and partners the best information, every time."
Coveo 2015 highlights
- Coveo Cloud was announced in June. It is the industry’s first complete cloud platform that delivers intelligent search-as-a-service, from broad and secure connectivity to advanced relevance. Coveo Cloud securely unifies knowledge across cloud and on-premise systems and greatly simplifies search deployments and user adoption for fastest time to value,
- Coveo also introduced Coveo Machine Learning in November. Coveo Machine Learning is the first cloud-based, self-learning search service for the enterprise. The patent-pending, analytics-based machine learning service continually analyzes search behavior patterns to understand true intent and which content leads to the best outcomes, such as customer self-service success. Coveo Machine Learning changes everything about enterprise search, as it automatically delivers more relevant information based on intent versus an explicit search, and with less effort than ever before. In field tests working with large F500 companies during 2015, Coveo Machine Learning:
- Improved click-through rates (the percentage of people who click on a search result) by 10 – 20 percent for all queries.
- Improved click rank (the average position of opened documents in a given set of search results) by 15 percent for all queries.
- Improved click rank for the lowest performing queries (prior to using Coveo Machine Learning) by up to 40 percent.
- Launched multiple new connectors, which are production-ready integrations that enable indexing of unstructured and structured content from both cloud and enterprise applications: Coveo connectors for PTC Windchill, Dropbox, YouTube, RSS feeds, improved connectors for SharePoint and JIRA, among many others.
- For the second consecutive year, Coveo was recognized as the most visionary leader in Gartner’s 2015 Magic Quadrant for Enterprise Search.
- The company was named a leader in Big Data Search and Knowledge Discovery by Forrester Research.
- Coveo was named a Sitecore Platinum Technology Partner, in recognition of its market presence as Sitecore’s largest technology partner.
- Coveo Intelligent Search achieved the Knowledge Centered Support (KCSsm) Aligned designation from the KCS Academy of the Consortium for Service Innovation.
- Named a winner of the annual CRM Watchlist Award recognizing companies that are making an impact in the CRM marketplace.
- Coveo for Sitecore was named as a 2015 CUSTOMER Magazine Product of the Year Award winner, marking the fourth consecutive year that Coveo has won this award (In January of 2015 Coveo received its fifth consecutive CUSTOMER Magazine product of the year award for its Customer Community application).
- Bronze Stevie American Business Award for the Coveo Cloud Intelligent Search as a Service.
- KMWorld 100 Companies that Matter in Knowledge Management.
- The company expanded its SI ecosystem with several leading CRM and Customer Community system integrators, including Acumen, Appirio, Bluewolf, Cloud Sherpas (now Accenture), Etherios (now West Monroe Partners), NTT Data Cloud Services and Vertiba. Exiting 2015, Coveo had in excess of 100 certified SI partners.
- During the year, Coveo expanded its executive team with new executives leading its applications, global sales, marketing, and customer success organizations. Gauthier Robe was promoted to VP, Platform; Sawan Deshpande was promoted to VP in charge of Coveo’s Salesforce line of business; Bob Walmsley joined Coveo as SVP of Global Sales; Jennifer MacIntosh joined as as VP of Customer Success; and Mike Raley was promoted to VP of Marketing.
- Coveo hired more than 50 new employees during 2015 to support its expansive growth.
Coveo helps companies better engage customers and upskill employees with the best information, everywhere they work and interact. Coveo Intelligent Search Apps respond relevantly to every question, proactively suggest related content and experts, and predict what’s important to each person. Recognized as the Most Visionary Leader in Enterprise Search by Gartner and as a leader in Big Data Search and Knowledge Discovery by Forrester, Coveo helps companies to succeed at self-service, create high performance contact centers, and cultivate company-wide collaboration. With the search industry’s highest security standards, broadest connectivity and self-learning relevance, Coveo removes complexity to make intelligent search work, quickly and effectively, across cloud and on-premise systems. Coveo has more than 1500 activations in mid-to-large size, global organizations across multiple industries. Coveo partners with some of the world’s largest enterprise technology ecosystems, where insights from outside the platform are critical to delivering a unified, engaging experience for their customers. For more information, please visit www.coveo.com and follow us on the Coveo blog, LinkedIn, Twitter, and YouTube.
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