SOURCE: Coveo

Coveo

November 16, 2016 09:00 ET

Delivering Predictive Insights and AI for the Digital Workplace Drives Growth for Technology Innovator

Search leader Coveo™ scores yet another phenomenal quarter, with an 85% increase in GAAP revenue for calendar Q3 2016

SAN FRANCISCO, CA, and QUEBEC CITY, QC--(Marketwired - November 16, 2016) - Coveo™, a recognized leader in intelligent search and predictive analytics, delivered yet another exceptional performance for CY Q3 2016. Coveo reported CY Q3 2016 GAAP revenue growth of 85 percent over CY Q3 2015. The growth was driven by entry into new verticals -- in manufacturing, beverages and pet supplies, and healthcare -- as well as by channel strength and expanding relationships with existing customers. To support its growth, Coveo has hired 60 professionals to date in 2016, with 25 more planned for CY Q4, opened a new office in Montreal and is in the midst of doubling its space at its Quebec, Canada, R&D headquarters, with 300 employees. Supporting its quest to hire the best talent to support its growth, Coveo won the Best Employer award in its category and won the overall Grand Award for all categories in the 2016 Stevie Awards for Great Employers during the quarter.

"We are seeing significant velocity and volume of deals as our solutions become ever easier to adopt, and as our Coveo Reveal™ AI technology makes it even more intelligent," said Louis Tetu, Coveo CEO. "Our mantra in R&D is to reduce friction, keeping the complexity of our machine learning, predictive analytics and broad connectivity 'under the hood,' allowing line of business people -- citizen IT if you will -- to easily activate and manage our applications. We are making it even easier to do business with Coveo, leading to easier and yet profound transformations within the digital workplace and digital customer experience."

More is more

The talk at Coveo is all about growth, scale, and customer success. The company is investing in its infrastructure to ensure a predictable and high-value customer experience, and toward achieving its rapid growth with high rates of efficiency. "Our sales and marketing, retention and upsells efficiency ratios are in the top quartile of high growth tech companies," said Coveo CFO Jean Lavigueur. "We are managing an aggressive but also highly effective growth strategy. Our investments are all about continued customer success and growth."

Coveo will end the year at more than 300 employees, increasing its full time contributors by 33% for the year. During the quarter, Coveo was recognized as the top winner in the inaugural 2016 Stevie® Great Employers Award program. Coveo won based on public voting -- including employees -- along with the results of its employee survey and its Young Leaders program. The results of the employee survey prove that Coveo is a place employees believe they can:

  • 91% - learn
  • 85% - grow
  • 85% - bring new ideas forward

The overwhelming majority of Coveo employees also said they enjoy #CoveoLife and would recommend Coveo:

  • 98% ranked their enjoyment of #CoveoLife higher than 7 on a scale of 1-10;
  • 96% ranked the likelihood of recommending Coveo at 7 or higher;

Also during the quarter Coveo announced an investment of $5 million to expand beyond its current offices in Quebec City, San Francisco and Amsterdam to the heart of Montreal's Innovation District. On schedule to open December 1st, Coveo's newest office space will become an important creative and digital hub and, over the next 24 months, create over 50 new highly qualified jobs.

Innovations galore mean predictive insights for everyone

During the quarter Coveo launched new applications, new versions and innovative new features across all of its lines of business.

In its Intelligent Workplace solutions area, Coveo saw further adoption of Coveo Reveal™, its analytics-based machine learning service. Coveo Reveal learns each individual's focus areas, and builds the capability to enhance the worker experience with relevant recommendations of content and people. Coveo also launched the new Search Alerts which allows users to subscribe and be alerted when new relevant content appears or is updated, a significant advancement for digital knowledge management. With Coveo, workers gain quick and broad insight on products, projects, people and customer issues faster than previously possible. Insight gained not only increases efficiency, but expands employees' proficiency to stimulate action, helping them do more on their own -- and helping companies sell more, serve customers better, build better products, save costs and increase profitability.

In its Intelligent Customer Support solutions area, at the recent Salesforce Dreamforce conference Coveo introduced a new Developer Service for AI-powered Relevance and Analytics, initially for Salesforce Search, called Coveo Reveal™ for Salesforce -- expected to be available early next year. Coveo Reveal for Salesforce will enable Independent Software Developers (ISVs), Systems Integrators (SIs) and in-house enterprise developers (DevOps), to harness the power of Coveo Reveal inside their own Salesforce applications. Any developer can then build the solution of their choice, upon Coveo -- including Coveo Reveal machine learning and AI, Coveo Analytics, Coveo APIs, Coveo User Interface toolkits and Coveo developer documentation. This will provide them with better relevancy of content, automatic content boosting and intelligent recommendations; personalized search journeys, with relevance tuned to different audiences; and custom mobile-friendly user interfaces, using smart facets and drag-and-drop simplicity with Salesforce Community Builder.

In its Intelligent Websites solutions area, Coveo and its partner Sitecore, a global leader in experience management software, announced new innovations that make digital experiences richer and more personal for all Sitecore websites -- faster, easier, more secure and scalable than ever before. The all-new Coveo for Sitecore Enterprise Cloud Edition features intelligent search- and machine learning-powered product and content recommendations for all Sitecore websites, and a new, native integration to Sitecore Commerce. The powerful, flexible combination of cloud scale, intelligent search, predictive analytics and machine learning technologies delivers richer personalization and more relevant product and content recommendations to transform digital customer engagement.

About Coveo

The best information, everywhere, every time. That's how Coveo helps today's fastest growing companies keep their edge. Recognized as the Most Visionary Leader in Enterprise Search and as a leader in Big Data Search and Knowledge Discovery, Coveo intelligently delivers knowledge and critical insights from across the entire IT ecosystem at scale, using intelligent search, analytics, and machine learning. From website intelligence and self-service applications to intelligent contact centers and intranets, Coveo partners with some of the world's largest enterprise technology ecosystems to provide a more intelligent, unified and engaging experience for customers and employees. Coveo currently has more than 1,500 activations in mid-to-large sized global organizations across multiple industries.

For more information, visit www.coveo.com and follow our blog, LinkedIn, Twitter, and YouTube accounts.

Coveo and Coveo Reveal are trademarks of Coveo Solutions, Inc.

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