Coveo is a
software-as-a-service
Software as a service (SaaS ) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. SaaS is also known as "on-demand software" and Web-based/Web-hosted software.
SaaS is cons ...
(SaaS) search engine, powered by
artificial intelligence
Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by animals and humans. Example tasks in which this is done include speech re ...
based in Quebec, Canada. The Coveo Relevance Cloud offers ecommerce, customer service, digital workforce, and website search.
History
Coveo Solutions Inc. was founded in 2005 as a spin-off of
Copernic Technologies Inc by Laurent Simoneau, Richard Tessier, and Marc Sanfaçon. Laurent Simoneau, Coveo's president and chief executive officer was formerly Copernic's chief operating officer. About 30 employees moved into the new company, with offices at that time in
Quebec City
Quebec City ( or ; french: Ville de Québec), officially Québec (), is the capital city of the Provinces and territories of Canada, Canadian province of Quebec. As of July 2021, the city had a population of 549,459, and the Communauté métrop ...
and in
Palo Alto, California
Palo Alto (; Spanish language, Spanish for "tall stick") is a charter city in the northwestern corner of Santa Clara County, California, United States, in the San Francisco Bay Area, named after a Sequoia sempervirens, coastal redwood tree kno ...
. Louis Têtu, a Quebec native and former CEO of
Taleo and
Baan, joined Coveo in 2008 as CEO. In 2017, Coveo invested 5 million dollars Canadian into opening up an office in Montreal, with 25 new hires, and approximately 25 more planned for the office at the time. Since then, well over a hundred new employees have joined the Montreal office, which has expanded onto additional floors of the historic Gare Windsor building. As of June 2020, the company had over 500 employees.
In July 2019, Coveo announced the acquisition of Tooso, an AI-based digital commerce engines company. In October 2021, Coveo acquired Qubit, in AI-powered personalization technology for merchandising teams.
Investment
In April 2018, Evergreen Coast Capital led a $100 million investment into Coveo. With this investment, Bill Shaheen of Evergreen joined the Coveo board of directors.
Coveo also received another round of funding in November 2019 for $227 million Canadian lead by OMERS Private Equity yielding a valuation of $1 billion US.
Financials
Coveo’s LTM total revenue as of Q2 FY’22 was $72M.
As of Q3 FY’22, Coveo’s SaaS Subscription Revenue and total revenue grew 50% and 39% year-over-year, respectively.
The company had a Net Expansion Rate of 112% as of Q3 FY’22, and 91% of total revenue came from SaaS subscriptions in Q3 FY’22.
See also
*
Apache Lucene
Apache Lucene is a free and open-source search engine software library, originally written in Java by Doug Cutting. It is supported by the Apache Software Foundation and is released under the Apache Software License. Lucene is widely used as ...
*
Apache Solr
*
Elasticsearch
*
Apache Nutch
Apache Nutch is a highly extensible and scalable open source web crawler software project.
Features
Nutch is coded entirely in the Java programming language, but data is written in language-independent formats. It has a highly modular architec ...
*
Algolia
Algolia is a proprietary search engine offering, usable through the software as a service (SaaS) model.
Company
Algolia was founded in 2012 by Nicolas Dessaigne and Julien Lemoine, both originally from Paris, France. It was originally a comp ...
*
Lucidworks
Lucidworks, a San Francisco, California-based company that specializes in commerce, customer service, and workplace applications.
Lucidworks was founded in 2007 under the name Lucid Imagination and launched in 2009. The company was later rena ...
References
{{reflist
Companies listed on the Toronto Stock Exchange
Organizations based in Quebec City
Information retrieval organizations
BlackBerry development software