Coveo, a recognized leader in AI-powered search and predictive analytics, has confirmed yet another exceptional quarter and calendar year ended December 31, 2016. In 2016, Coveo grew GAAP revenues by more than 80% as compared to CY2015.
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.
Coveo’s impressive growth expanded far beyond headcount. The company continued to soar in the high-tech vertical and grew its presence in adjacent industries. Coveo successfully anticipated the shift in consumer behavior and, through the power of its rich analytics and machine learning capabilities, succeeded in improving the user experience for its clients’ customers, partners and employees alike--while reducing the effort required to do so. This resulted in significant business impact, including tripling case deflection for its intelligent customer support customers, improving ‘no results’ queries by 75%, improving the time on site by 50%, decreasing visitor abandonment rates and improving employee productivity.
Coveo was recognized for its industry leadership in 2016; the company was once again listed among the 100 Companies that Matter in Knowledge Management, by KM World, was named to the 2016 CRM Watchlist for the sixth consecutive year, and won a number of awards for its intelligent customer support and self-service solutions as well as earning Employer of the Year, from The Stevie® Awards.
Reflecting on the company’s rapid growth, Coveo CEO Louis Tetu said, “As demand increases for intelligence everywhere and we continue to scale our operations, it is critical that we keep our amazing culture and work ethic. The passion that we share, the collaboration that we cultivate, and the integrity with which we conduct business both internally and towards the marketplace, along with the great diversity of our employees, are the sources of our innovation and success with customers. This we must never forget.”
Coveo inked a strategic partnership with Avanade, the leading innovator on the Microsoft platform, in June 2016. The partnership further extends and enables enterprises to deliver the most innovative, intelligent digital experiences to customers and employees with agility and scale. With Coveo Intelligent Search Applications, Avanade can easily unify and personalize information from across multiple sources – including Microsoft SharePoint, Microsoft Dynamics CRM, or ERP systems – to improve digital experiences; drive a higher number of website conversions; increase the occurrence of customer self-service; and ensure more proficient employees. Highlights of this important partnership include both a partnership in selling new clients as well as the inclusion of Coveo in certain Avanade managed services offerings:
Coveo now has more than 40 leading system integrator (SI) partners in the Digital CX area and more than a dozen leading partners in the Salesforce ecosystem. According to Coveo CMO Mark Floisand, “Just as Coveo technology enables the entire IT ecosystem, so Coveo’s strategy is to enable the broader SI and Alliance ecosystem, enterprise developers and independent software vendors (ISVs) to use its technology to inject intelligent insights, everywhere.”
Coveo AI, Platform as a Service (PaaS) and app launches spur 2016 growth
Coveo AI, launched in 2015 was expanded to all Coveo applications in 2016. Coveo AI is the industry’s first analytics and machine learning intelligent search and relevance service. Throughout 2016 the Coveo product team simplified its configuration so that everyone can be a data scientist. This important launch brought the first instance of machine learning applied to deep behavioral analytics - out of the box - to easily and constantly learn what is pertinent based on context and intent, and automatically tune relevance to always surface the most relevant information, everytime and everywhere.
Coveo AI has proven powerful at tuning relevance to proactively and automatically recommend relevant insights from everywhere. Customers using Coveo AI moved beyond the first level of search maturity - becoming more responsive to every question – to giving customers and employees proactive and predictive recommendations. Predictive information recommends what the individual doesn’t even know they need, but will find important.
In 2016 the Coveo product team began to issue PaaS offerings, which will expand throughout 2017 and beyond. The first instance, a new Developer Service for AI-powered Relevance and Analytics, was announced at the Salesforce Dreamforce event in October 2016. Named Coveo Express for Salesforce, the service makes it easy for Independent Software Developers (ISVs), Systems Integrators (SIs) and in-house enterprise developers (DevOps), to harness the power of Coveo inside their own Salesforce applications. Any developer can then build the solution of their choice, upon Coveo – including Coveo Machine Learning, Coveo Analytics, Coveo APIs, Coveo User Interface toolkits and Coveo developer documentation.
During 2016 Coveo customer Adobe launch in-app search with Coveo, within Adobe Photoshop, bringing easy access to highly relevant information to all Adobe Photoshop users. Adobe also deployed Coveo AI to ensure a stellar customer experience.
In April 2016, Coveo launchedCoveo for Sitecore Pro Cloud Edition including Coveo AI, providing cloud-based intelligent site search for Sitecore websites and system integrators to automatically deliver the best information and recommendations to every site visitor, every time.
Coveo in 2016 alsoenabled a simple, secure and scalable approach to advanced cloud capabilities even for companies with valuable data and information on-premise: The Coveo Push API with elastic scalability and optimal security, combined with new advances in Coveo AI, to provide predictive product and content recommendations. This launch makes possible predictive recommendations for everyone, every time and everywhere, regardless of where the data resides, in any system, on premise and cloud-based. In the near future that will also include machine data.
Throughout 2016 Coveo received a number of prestigious awards and industry recognition for its leadership, innovation and for being a great place to work.
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