Market leader in AI-powered digital personalization technology and a leading Artificial Intelligence company in Canada, Coveo has just announced significant expansion of its Montreal office to accommodate the 300 local employees it intends to have hired in Montreal by 2020, adding to the 75 existing and another 275 in Quebec City, with an expected global presence of 700 employees by that time.
Since announcing its $100 million investment, and with the support of leading Canadian investors such as FSTQ, IQ and the BDC, Coveo has grown revenue aggressively, both in acquiring new global customers and opening up new markets. Its hyper-growth has lead to its Montreal office expansion ahead of schedule, which will remain in the historic Windsor Station, appropriately located in the heart of the Innovation District in downtown Montreal.
Coveo is prioritizing leveraging the talent within the city and province of Quebec, to further support the Canadian economy and develop a strong AI presence. Coveo plans to expand its R&D by an expected 150 developers and data scientists, and will also be hiring marketing and customer care professionals. With the addition of these positions, the company is on track to add to its already impressive 50%+ annual revenue growth rate, consolidating its position as an AI and technology growth leader in the country.
When asked about the company's growth and its quest for talent, Coveo CEO, Louis Têtu responded, "Coveo is a recognized global leader in the field of AI and digital personalization technologies, as measured by revenue growth, clients acquisition, and market analysts recognition. We are a proud to be investing aggressively to grow right at home, in Montreal and Quebec, where our shareholders are, and where Canadians invest their hard earned tax dollars in world-class education and research. While we will hire 225 new employees in Montreal, this will hardly create any new jobs for the local economy as we have had a talent shortage in the technology sector in Canada for a decade. Now the brightest minds of our country can join local companies that are growth leaders and, through their ingenuity and engagement, can contribute immensely to create collective prosperity in Canada through the leverage of intellectual property. This is why we think companies like Coveo are important."
He added, "We are very proud to be putting down deeper roots in the Windsor Station and taking part in the restoration and preservation of a historical Canadian landmark built in 1887. Coveo is majority Quebec owned and operated, one of the fastest growing Canadian tech leaders, and our investment in AI and talent in Quebec is a commitment to the importance of creating value here with AI knowledge."
Danielle Lavoie, Senior Vice President and Portfolio Manager at Cadillac Fairview commented, "Cadillac Fairview is pleased to support Coveo's exciting office expansion at Gare Windsor, one of the most iconic heritage office buildings in downtown Montréal." she added, "This expansion will not only inject vibrancy into Gare Windsor and the surrounding area, but also promote innovation within the City of Montréal with hundreds of brilliant minds joining Coveo's workforce. At Cadillac Fairview, we take tremendous pride in strengthening communities and supporting the growth of valued, homegrown partners like Coveo is fundamental to our success."
About Coveo: Make business personal. Coveo uses AI technologies and intelligent search to personalize every digital experience for customers, partners, dealers, and employees. Coveo combines unified content, unified interactions behavioral data and machine learning to deliver relevant information and recommendations across every business interaction, making websites, ecommerce, contact centers and intranets efficient, effortless, content-rich, thus boosting conversion. Coveo is also embedded in many leading business applications from vendors including Microsoft Dynamics, Salesforce, ServiceNow, Sitecore, Xero and more. Coveo partners with the world's largest enterprise technology players and has more than 1,500 activations in mid-to-large sized global organizations across multiple industries.
Coveo is a trademark of Coveo Solutions, Inc.