Coveo, a Quebec City, QC, Canada-based provider of AI-powered insight, recommendations and search engines, secured a $100m investment from Elliott Management for a 27% stake in the company.
The investment was led by Elliott’s Menlo Park, California-based private equity affiliate, Evergreen Coast Capital. In conjunction with the funding, Bill Shaheen, Operating Executive with Evergreen, will join the Coveo Board of Directors.
The company intends to use the funds to broaden its market presence with investments in sales, marketing, channels, to further grow its R & D team, to launch new lines of business beyond the current Salesforce, Microsoft, and Sitecore products, and expand its platform on Elasticsearch, enabling organizations to leverage Coveo as their enterprise-wide relevance infrastructure, from eCommerce to customer service and the intelligent workplace.
Led by Louis Têtu, Chairman and CEO, Coveo uses intelligent search and AI technologies to personalize every digital experience for customers, partners, dealers, and employees. The company combines unified content, unified interactions and machine learning to deliver relevant information and recommendations across every business interaction. The solution is also embedded in many business applications from vendors including Adobe, Microsoft, Salesforce, Sitecore, Xero and more. Coveo has more than 1,500 activations in mid-to-large sized global organizations across multiple industries.