TORONTO – November 6, 2019 – OMERS Growth Equity today announced that it has led a successful $227 million Series F funding round for Coveo, a recognized leader in AI-powered search. Existing investors, including Evergreen Coast Capital, Elliott Management’s Menlo Park, California-based private equity affiliate, F.S.T.Q. and IQ also participated.
Founded in 2005, Coveo is the leading SaaS provider for AI-powered search, enabling enterprises to personalize every digital experience for customers, partners and employees. Recognized by both Gartner and Forrester as a leader in the Insight Engines and Cognitive Search industries, Coveo combines unified search, analytics and machine learning to deliver relevant information and recommendations across websites, commerce, service and workplace applications, driving enhanced revenue, satisfaction and proficiency.
The new funds will be used to support further product development, expansion in existing and new markets, and to further broaden the team’s capabilities over the next year.
“We are excited to partner with Coveo as it continues to help global enterprises create personalized experiences at scale, delivering the right data to the right people at the right time. Our investment in Coveo aligns closely with our belief that growth in data along with advances in machine learning and artificial intelligence are becoming increasingly important to companies, to help them increase sales and reduce costs. The cognitive search industry is a large and growing market, and global enterprises of all sizes can create significant value throughout their organizations by empowering their customers and employees through search,” said Mark Shulgan, Managing Director and Head of Growth Equity at OMERS. Mr. Shulgan will join Coveo’s Board of Directors.
“Today’s news represents the start of what we are confident is another fruitful collaboration between OMERS and a highly-innovative software business led by a superb management team. We are impressed with the tremendous growth that Coveo has achieved, and believe the company is well positioned to disrupt many end markets through its best-in-class machine learning and artificial intelligence capabilities,” said Mark Redman, Executive Vice President and Global Head of OMERS Private Equity. “OMERS has a strong history of successfully investing in category-defining software companies that goes back more than two decades, which includes investments in Civica, Constellation Software, Inmar, League, Logibec, Shopify, and Rover,” he added.
About OMERS and OMERS Growth Equity
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with more than C$97 billion in net assets, as at December 31, 2018. OMERS invests and administers pensions for more than half a million members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.
OMERS Growth Equity invests in high-growth companies backed by exceptional teams. OMERS Growth Equity is a long-term investor, focused on supporting companies to pursue all types of growth opportunities. These growth opportunities could include scaling operations, making acquisitions, expanding product lines, or entering new markets. To learn more, visit: www.omersprivateequity.com/GrowthEquity
Coveo uses AI and intelligent search technologies to personalize millions of digital experiences for customers, partners, dealers, and employees. Coveo combines unified content, unified interactions and machine learning to deliver relevant information and recommendations across every business interaction, making websites, commerce, contact centers, intranets and digital properties and apps effortless, content-rich and effective. Coveo is also embedded in many leading business applications from vendors including Salesforce, ServiceNow, Sitecore, Dynamics 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.
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