Changing consumer landscape drives demand for machine-learning and AI-powered search

SAN MATEO, CA, and QUEBEC, QC--(Marketwired - February 14, 2017) - Coveo, a recognized leader in AI-powered search and predictive analytics, has confirmed yet another exceptional quarter and calendar year ended December 31, 2016. In 2016, Coveo grew GAAP revenues by more than 80% as compared to CY2015.

As consumer landscape changes, people continue to demand better online experiences from the brands they engage with. Whether they are partners, customers or employees, all constituents have come to expect relevant and contextual information, the moment they need it. This is changing the way companies are doing business, greatly benefiting Coveo. As a result, Coveo experienced massive team growth in 2016, adding 100 employees, to reach a total of 300 employees worldwide. This doubles the number of hires completed in 2015. As part of its expansion, Coveo opened a fourth international office in the heart of the Innovation District in Montreal. The Montreal division aims to fill 50 new, high-value jobs in the next eighteen months; 25 of which have already been filled.

Coveo's impressive growth expanded far beyond headcount. The company continued to soar in the high-tech vertical and grew its presence in adjacent industries. Coveo successfully anticipated the shift in consumer behavior and, through the power of its rich analytics and machine learning capabilities, succeeded in improving the user experience for its clients' customers, partners and employees alike--while reducing the effort required to do so. This resulted in significant business impact, including tripling case deflection for its intelligent customer support customers, improving 'no results' queries by 75%, improving the time on site by 50%, decreasing visitor abandonment rates and improving employee productivity.

Coveo was recognized for its industry leadership in 2016; the company was once again listed among the 100 Companies that Matter in Knowledge Management, by KM World, was named to the 2016 CRM Watchlist for the sixth consecutive year, and won a number of awards for its intelligent customer support and self-service solutions as well as earning Employer of the Year, from The Stevie® Awards.

Reflecting on the company's rapid growth, Coveo CEO Louis Tetu said, "As demand increases for intelligence everywhere and we continue to scale our operations, it is critical that we keep our amazing culture and work ethic. The passion that we share, the collaboration that we cultivate, and the integrity with which we conduct business both internally and towards the marketplace, along with the great diversity of our employees, are the sources of our innovation and success with customers. This we must never forget."