SOURCE: Coveo

Coveo

February 11, 2015 10:27 ET

Coveo Announces Record Growth in 2014

Crosses the 1,000th Enterprise Activation Mark of Its Enterprise Search Technology With New Customer Sonus Networks in Q4 2014

SAN MATEO, CA and QUEBEC CITY, QC--(Marketwired - February 11, 2015) - Coveo today announced accelerated growth in 2014 via strong demand for its enterprise search-based applications that help employees upskill as they work, and driven in large part by its continued strategic partnerships with leading organizations such as Salesforce. The year was also marked by the best quarter in the history of the company and the 1,000th enterprise activation of its software, with new customer Sonus Networks.

In the fourth quarter of 2014, Coveo recorded the highest number of customer transactions in a single quarter, nearly three times that of the same prior-year quarter, and the highest quarterly revenue bookings in company history, while maintaining a 93 percent renewal rate.

"The fourth quarter of 2014 was the best quarter in Coveo's history for both new customers and revenue bookings and we're very excited to have reached the 1,000-enterprise activation mark," said Louis Tetu, chairman and CEO of Coveo. "Based on market adoption of cloud-based enterprise search solutions, particularly within customer service, and to help all employees upskill as they work, we're expecting 2015 to be another record year for Coveo. It is fitting that our thousandth activation with Sonus exemplifies this type of application: using Coveo for Salesforce Service Cloud and Communities Editions to bring together cloud and on-premise data via a cloud index."

1,000th Enterprise Activation
Sonus Networks, a global leader in bringing intelligence and security to real-time communications, became the 1000th enterprise activation of Coveo's Advanced Enterprise Search technology in Q4 2014. Thanks to a rapidly growing customer base, the company realized it needed to empower its service agents and customer community members with an enterprise search solution to meet the expected increase in customer service inquiries. The company activated Coveo for Salesforce - Service Cloud and Communities Editions to provide support agents, sales representatives, partners and customers with proactive insights into customer, product and solution information unified from across multiple sources, including Salesforce, Atlassian Confluence, multiple databases and SharePoint. Injecting highly relevant knowledge and experts into the context of Sonus service agents, sales reps and customers at the point of interaction is expected to improve call resolution times, increase call deflection rates and customer satisfaction, as well as facilitate sales success.

"We're happy to be the 1,000th enterprise activation of Coveo technology," said Bill Scudder, CIO, Sonus Networks. "In the technology world, it's all about scalability and Coveo is clearly scaling quickly with these numbers. At this point in our company's growth, we've transformed our business from serving the world's largest phone carriers to selling through channels and on to thousands of businesses, so our case volume is growing exponentially as we scale. Coveo for Salesforce Service Cloud and Communities will help Sonus scale our operations as our business scales, while reducing overhead costs and at the same time increasing the satisfaction of our customers."

"Sonus is focused on helping our customers enable intelligent and secure communications via the cloud," Scudder said. "With the transformation of our business, we want to ensure our customers' continued growth and success, with tools that can transform how we work and how we help our customers solve their own complex challenges. Security is paramount to Sonus, and Coveo is the only advanced search app we could find that could securely index Confluence directly within Salesforce, and coupled with the single sign-on tool, Service Rocket, is a complete solution that will help Sonus customers significantly increase their ability to solve their own challenges, which is their preference. It will also help our service agents solve the most complex cases faster and with proactive insights."

Company Growth
2014 represented significant corporate growth for Coveo as it continues to expand its business globally and grow its cloud infrastructure and offerings:

  • Grew subscription bookings by more than 300 percent as the company continued to expand its cloud-based applications, in addition to maintaining its license business in-line with the year prior.
  • Named the most visionary leader in the 2014 Gartner Magic Quadrant for Enterprise Search.
  • Opened a new European headquarters in Amsterdam, The Netherlands, due to increasing global demand for its Advanced Enterprise Search technology in Europe.
  • Customers documented significant achievements with Coveo technology, among them a Fortune 50 healthcare company that upskilled its customer support team, reducing time to proficiency from two years to two months.

"We are very pleased with Coveo's growth and momentum, particularly the exciting growth in the cloud applications," said Trident Capital Managing Director J. Alberto Yépez, a Coveo board member and investor. "2014 was a year of significant growth and market recognition of Coveo's important ability to bring diverse and relevant content into the user's context, as evidenced by its being named the most innovative leader in the 2014 Gartner Magic Quadrant for Enterprise Search."

Product Advancements
Coveo continued to evolve its existing product offerings with new enhancements to the Coveo for Salesforce applications, new cloud analytics, even more connectivity and relevance across its platform, and the debut of a new, free application in its Coveo for Sitecore business.

  • The Coveo for Salesforce applications contributed to the company's growth in subscription bookings by enabling a knowledge revolution within Salesforce Service Cloud and Communities. Coveo for Salesforce automatically brings contextually relevant information from across the enterprise and presents it to users within Salesforce via an advanced enterprise search solution, the benefits of which for service agents and customers we detail in this infographic: http://blog.coveo.com/infographic-easy-does-it-for-support-leaders/?utm_source=marketwire&utm_medium=PR&utm_campaign=momemtum
  • The Coveo for Salesforce applications were enhanced throughout 2014 with a series of new capabilities that enhanced both the Service Cloud and Community Editions' ability to consolidate information from third-party data sources, including:
    • The Atlassian Confluence and Web Pages Connectors are now supported in the cloud, allowing Coveo for Salesforce users to index and consolidate customer information from these data sources and make them available to customer service agents and customers via the Salesforce Service Cloud and Salesforce Community interfaces. These are in addition to 11 connectors available via one-click access in the Coveo for Salesforce admin interface.
    • Improved indexing configuration capabilities
    • Enhanced relevance tuning
    • An enhanced user interface for mobile devices that provides a device-agnostic experience across most mobile devices. 
  • Coveo launched its cloud-based Usage Analytics Service. This allows Coveo customers to easily analyze search queries and results, faceted navigation trends and user behavior to identify content gaps, fine tune search relevance and increase overall user adoption.
  • In an industry-first, the company launched Coveo for Sitecore - Free Edition to empower Sitecore partners and customers with an enterprise-caliber website search solution that's fully integrated with the Sitecore Experience Platform. The new offering allows marketers to configure and tune search relevance from within the Sitecore console and provides a JavaScript & HTML UI to enable Sitecore developers and partners to build fully customized search pages using the Coveo framework and toolkit. "Search plays an essential role in the customer experience," said Darren Guarnaccia, Chief Strategy Officer of Sitecore. "Now a best-in-class, fully integrated solution is available free for all Sitecore developers and customers."
    • Since its launch in September 2014, Coveo for Sitecore - Free Edition has been downloaded hundreds of times by Sitecore partners and customers worldwide.
  • Coveo expanded its Enterprise Search & Relevance Platform's ability to securely index and consolidate information from third-party sources with the addition of several new connectors, including:
    • Microsoft Dynamics CRM
    • Oracle Knowledge
    • Lithium
    • PTC Windchill
    • RSS
    • Dropbox
    • YouTube
  • Coveo also continued to enhance the market-leading transparency of its relevance engine, enabling administrators to more easily tune and rank relevance of results across the entire ecosystem of record.

Partners and Developers
Coveo expanded and deepened its strategic partnerships with new service offerings and additional partnerships with system integrators (SIs) in 2014. In support of its expanded partner and developer program, Coveo also launched several new resources for these communities. In 2014, Coveo:

  • Signed agreements with more than 30 new SI partners
  • Launched a new developer community where Coveo developers and its customer and partner developers share best practices and have questions addressed by experts
    • The community has driven more than 50 percent self-service on support while enhancing customer satisfaction
  • Launched a new partner portal, which provides partners and system integrators with official product documentation and sales and marketing collateral, including co-marketing programs.

About Coveo
Recognized as the Most Visionary Leader in Enterprise Search by Gartner, Coveo transforms the world of work for millions of people across more than 1000 enterprise activations in 35 countries. Coveo's highly advanced enterprise search & relevance technology adds the value of rich content and insights to CRM, customer service applications, intranets and websites. Coveo securely connects with most legacy and cloud systems, consolidates organizations' full ecosystems of record in real-time, and provides unified search, dynamic 360-degree views of information, and contextual, proactive recommendations of relevant content and experts using powerful analytics.

Coveo is a strategic partner of several large application providers such as Salesforce.com, and is used by leading organizations worldwide to enable the on-demand skills and knowledge required by constantly evolving digital workplaces. For more information, please visit www.coveo.com, and follow us on the Coveo blogs, LinkedIn, Twitter, and YouTube.

Image Available: http://www.marketwire.com/library/MwGo/2015/1/27/11G031547/Images/rise-of-search-based-apps-for-customer-service-and-274817287085.jpg

Contact Information

  • Editorial Contacts:
    Colin Beasty
    Manager, Media Relations
    Coveo
    418-263-1111 x2264
    cbeasty@coveo.com