AI and Machine Learning Propel Intelligent Search into Insight Engine Realm, Driving Hyper-Growth in CY H1 2017

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Coveo, a recognized leader in AI-powered search and predictive analytics, has confirmed an exceptional start to 2017 with an outstanding H1, enjoying strong double digit revenue growth year over year.

Consumers have grown accustomed to immediately finding what they are looking for, and now enjoy easy access to the information they need. Coveo’s mission is to bring that capability to the enterprise, with the most relevant information instantly available to employees, customers, and partners. Coveo applications understand each user’s journey and intent, and provide contextual recommendations that infuse relevance into every interaction. It is for this work that Coveo was recognized by two of the industry’s most prominent independent research firms. In the Gartner Magic Quadrant for Insights Engines, Coveo was positioned as the highest for execution and furthest for innovation leader in the leaders’ quadrant. Coveo was also named a leader in the The Forrester Wave™: Cognitive Search And Knowledge Discovery Solutions, Q2 2017, receiving the top score in the strategy category.

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Louis Tetu - Image
Louis Tetu

“We are thrilled with the company’s performance and recognition, and grateful to the customers who place their trust in Coveo every day. We have obsessively focused on delivering personalized relevance at scale and we were honored with the industry recognition we’ve received from Gartner and Forrester as a result. The first half of 2017 was amazing at Coveo, with the launches of new, high-velocity applications, continued rapid growth, the successful launch of our first ever customer led event, many new employees and the appointment of our new board member, JP Chauvet, president of LightSpeed, a leader in POS and ecommerce solutions.” said Coveo CEO Louis Tetu.

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Coveo solutions combine elements of three important technologies: Intelligent Search, Predictive Analytics, and Cognitive Computing. The company’s goal is to make it ever easier to gain the benefits of these transformative technologies and the company’s results speak for themselves. In June, GAAP subscription revenue for the quarter grew 86% over the June quarter 2016 and 17% over the March 2017 quarter. In the first half of the year, Coveo added 45 new employees, reaching over 300 worldwide, and successfully launched its Montreal office which has already filled 40 new positions, with another 20 positions expected to be filled by the end of Q3 2018. Coveo also unveiled its newly renovated, multi million dollar headquarters located in Quebec City. Over 200 attendees including the mayor, Régis Labeaume, attended the ribbon cutting ceremony.

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