Coveo, a recognized leader in AI-powered search and predictive analytics, has confirmed an exceptional start to 2017 with an outstanding H1, enjoying strong double digit revenue growth year over year.
As consumer landscape changes, people continue to demand better online experiences from the brands they engage with. Whether they are partners, customers or employees, all constituents have come to expect relevant and contextual information, the moment they need it. This is changing the way companies are doing business, greatly benefiting Coveo. As a result, Coveo experienced massive team growth in 2016, adding 100 employees, to reach a total of 300 employees worldwide. This doubles the number of hires completed in 2015. As part of its expansion, Coveo opened a fourth international office in the heart of the Innovation District in Montreal. The Montreal division aims to fill 50 new, high-value jobs in the next eighteen months; 25 of which have already been filled.
Consumers have grown accustomed to immediately finding what they are looking for, and now enjoy easy access to the information they need. Coveo's mission is to bring that capability to the enterprise, with the most relevant information instantly available to employees, customers and partners. Coveo applications understand each user's journey and intent, and provide contextual recommendations that infuse relevance into every interaction. It is for this work that Coveo was recognized by two of the industry's most prominent independent research firms. In the Gartner Magic Quadrant for Insights Engines Coveo was positioned as the highest for execution and furthest for innovation leader in the leaders quadrant. Coveo was also named a leader in the The Forrester Wave™: Cognitive Search And Knowledge Discovery Solutions, Q2 2017, receiving the top score in the strategy category.
"We are thrilled with the company's performance and recognition, and grateful to the customers who place their trust in Coveo every day," said Coveo CEO Louis Tetu. "We have obsessively focused on delivering personalized relevance at scale and we were honored with the industry recognition we’ve received from Gartner and Forrester as a result. The first half of 2017 was amazing at Coveo, with the launches of new, high-velocity applications, continued rapid growth, the successful launch of our first ever customer led event, many new employees and the appointment of our new board member, JP Chauvet, president of LightSpeed, a leader in POS and ecommerce solutions”.
Coveo solutions combine elements of three important technologies: Intelligent Search, Predictive Analytics and Cognitive Computing. The company's goal is to make it ever easier to gain the benefits of these transformative technologies and the company's results speak for themselves. In June, GAAP subscription revenue for the quarter grew 86% over the June quarter 2016 and 17% over the March 2017 quarter. In the first half of the year Coveo added 45 new employees, reaching over 300 world wide, and successfully launched its Montreal office which has already filled 40 new positions, with another 20 positions expected to be filled by the end of Q3 2018. Coveo also unveiled its newly renovated, multi million dollar headquarters located in Quebec City. Over 200 attendees including the mayor, Régis Labeaume, attended the ribbon cutting ceremony.
Coveo is proud to name some of the world’s most innovative companies as its customers. In the first half of 2017 Coveo acquired 27 new clients, and added incremental business upsells from 28 existing customers for a grand total of 55 deals (excluding renewals). Customer churn is a key metric in monitoring customer success at Coveo. For the first half of 2017, Coveo saw negative single digits on a gross dollar churn basis (i.e. excluding the benefits of upsells and expansions) and positive double-digit churn on a net dollar basis (i.e. including the benefits of upsells and expansions).
Coveo also launched its first ever customer-led event, Impact 2017, with resounding success. Coveo’s customers and partners convened in San Francisco to share unique ways they’ve customized Coveo’s technology to inject relevance into their respective industries through AI-powered search. Coveo highlighted three clients who’ve leveraged its technology in exceptionally unique ways:
Adobe was the winner of The Innovation Award, for its in-product search capabilities which feature Coveo technology.
Extreme Networks took home the The Relevance Award due to extremely relevant experiences they’ve been able to deliver their customers from their application of Knowledge Centered Service combined with Coveo Machine Learning.
Salesforce received The Impact Award for the results they’ve seen as a result of injecting Coveo across their agent and customer self-service community.
Impact ‘17 would not have been possible without the dedicated contributions of Coveo partners Appirio, Perficient, Sitecore, ARKE, MC+A and SingleStone. The event also served as an opportunity to gather Coveo’s Partner Advisory Board. Key partners covering each of Coveo’s lines of business convened and provided essential feedback as Coveo continues to successfully grow its Partner Program and develop its product lines. Over the last quarter, 94% of new logos added to Coveo’s customer roster have been in conjunction with our partners.
With the launch of Coveo for Salesforce Pro Edition in May, the full Coveo for Salesforce line of products was unveiled. From the Free Edition to Pro and Enterprise, all including Coveo’s award-winning Machine Learning and Analytics Services, the Coveo for Salesforce product offering is equipped to meet the diverse and varied needs of Salesforce’s enterprise marketplace.
In January, Coveo launched an Early Access version of the Coveo for Salesforce Free Edition to a select group of partners at Salesforce community-led events including Tahoe Dreamin’, Snowforce, and Southeast Dreamin’. The partner feedback garnered during the Coveo for Salesforce Free Edition beta was invaluable to ensuring a smooth adoption of the product amongst all possible different use cases and enabled a successful general availability launch in April. More than 30 partners enlisted to the initial program including Salesforce, Perficient, Tata Consultancy, Slalom, and Traction on Demand.
Coveo for Sitecore accelerated growth on cloud transition, enabling Coveo for Sitecore customers to further adopt Coveo Cloud to leverage Machine Learning and Usage Analytics.
Coveo made further platform improvements, including support for single-sign-on (SAML authentication), and better visibility into the Coveo indexing pipeline process (Source Log Browser), giving customers and partners more tools to optimize their Coveo implementations.
Microsoft Dynamics CRM customers can now add a Coveo add-on directly from the AppSource marketplace.
Coveo’s leading technology was recognized by top analyst firms and leading publications. Coveo was positioned as the highest for execution and furthest for innovation leader in the leaders quadrant of the Gartner Magic Quadrant for Insight Engines. Coveo was also named a leader in the The Forrester Wave™: Cognitive Search And Knowledge Discovery Solutions, Q2 2017, receiving the top score in the strategy category.
Coveo was included in key analyst research reports covering advancements and predictions for the future of AI and Machine Learning. Highlighted in Forrester’s Tech Radar Artificial Intelligence Technologies Q1 2017 report as a Natural Language Generation and Intelligent Research Solution, Coveo was mentioned as a key player pushing AI and Machine Learning forward in ways that automate manual tasks and generate invaluable insights for users. 451 Research completed an Impact Report on Coveo, delving into how Coveo’s technology helps businesses change the game from basic retrieval to more contextually relevant experiences for their customers and clients. Coveo was also listed in Gartner’s CRM Vendor Guide 2017.
Additionally, for the 6th consecutive year, Coveo was named to the elite CRM WatchList published by Paul Greenberg, considered by many as the “godfather” of CRM. Coveo was also awarded a 2017 CRM Service Leaders award for Contact Center Search and was lauded for excellent search, analytics, and machine learning capabilities. Finally, Coveo received the Fidéides Award for Most Outstanding Company for Outreach Outside Quebec, and was honored by the Quebec Chamber of Commerce and Industry.
Make business personal.
Coveo personalizes every digital experience for customers, partners, dealers, and employees. Coveo combines unified search, analytics and machine learning to deliver relevant information and recommendations across every business interaction, making websites, ecommerce, contact centers and intranets effortless and efficient. A Salesforce Gold ISV Partner and a Sitecore Platinum Technology Partner, Coveo partners with the world’s largest enterprise technology players and has more than 1,500 activations in mid-to-large sized global organizations across multiple industries.
Coveo is a trademark of Coveo Solutions, Inc.
Sr. Manager, Content Strategy, Coveo