Québec City, November 5, 2015 – With major funding of $24 million, Investissement Québec has become the lead investor in a new $35 million share issue by Coveo, an internationally recognized leader in massive database intelligent search technologies and information solutions, headquartered in Québec City.
“Québec companies, such as Coveo, which develop and commercialize leading-edge technologies for world markets, deserve to be supported. The fact that we are investing directly in this company, which employs a staff of 200, including 130 at its Québec City R&D headquarters, is excellent news,” affirmed Jacques Daoust, Minister of Economy, Innovation and Exports. “Coveo has an outstanding management team with a proven track record in the technology field.”
“This new funding will help Coveo expand its sales and marketing, establish additional strategic alliances and develop new lines of business. Our investment will contribute to speeding the growth of Coveo’s operations while clearly demonstrating our willingness to contribute to building a Québec-based technology company that is an international leader in its market,” stated Pierre Gabriel Côté, President and CEO of Investissement Québec. “In doing so, Investissement Québec confirms the important role we play in the risk capital ecosystem in Québec.”
“We are proud of having secured funding from Investissement Québec. This funding is a core element of our strategy to capitalize on our leadership position in the market and will help us continue developing partnerships and new agreements with internationally recognized companies and showcasing our know-how and technology, from our home base in Québec,” underscored Louis Têtu, Chairman and CEO of Coveo.
In addition to Investissement Québec’s contribution, current investors, including Louis Têtu, are taking part in this round of funding, totalling $35M.
Investissement Québec recently invested in Lightspeed, a powerful Cloud-powered point of sale platform for retailers and restaurants, as part of an $80M round of funding.
Coveo designs one-of-a-kind technology and applications for enterprises and institutions seeking to improve their customer experience, unify their employees’ access to corporate information or better mine their data using a growing number of information silos on servers or in the information cloud. Coveo’s applications are used in call centres, on websites or customer communities, and in CRM applications, or to propel a new generation of much more powerful Intranets. Coveo has been recognized as the uncontested leader in advanced enterprise search technology by Gartner and Forrester Research. The company, headquartered in Québec City, employs a staff of 200 and has posted significant growth with hundreds of international customers, especially following the launch of its unique “Coveo Cloud” platform. Coveo partners with some of the world’s largest enterprise technology ecosystems, such as Salesforce.
About Investissement Québec
Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment
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