Coveo To Open an Office in Montreal's Innovation District
Coveo, a provider of intelligent search technology, announced an investment of $5 million to set up an office in Montreal, expanding beyond its current offices in Quebec City, San Francisco, and Amsterdam. The new office is set to open in the heart of Montreal's Innovation District in December. Coveo's newest office is expected to create over 50 new highly qualified jobs. Meanwhile, recruitment for Montreal office positions have already begun.
Coveo's intelligent search and predictive insights technology is recognized as best in a class by world-renowned firms like Gartner and Forrester. "We are in a new era of enterprise IT, where data from all sources can be turned into intelligence to suggest how best to organize tasks. This is a fundamental change in the nature of work and customer experiences," explained Coveo CEO Louis Tetu. "We are helping to shape the fast-growing big data and intelligent systems industries and have been growing revenue bookings consistently at 100 percent over prior-year quarters. We're investing in Montreal, a city rich in creative and talented minds, to take Coveo to the next level."
"Our new Montreal office is just the first of our investments in the city," continued Têtu. "We have an amazing pipeline of cloud solutions, and the integration of machine learning, artificial intelligence, and data-driven personalization to our technology creates huge market opportunities. We believe Montreal is the best place for us to build on this momentum and assert our position as market leader. Stay tuned!"
Montreal's Innovation District, located near the heart of downtown Montreal, was recently recognized as first runner-up for the grand prize of Le Monde's Smart Cities Innovation Awards and has already attracted the largest concentration of IT and multimedia employees as well as organizations such as Coveo.
Last month, the largest Sitecore technology partner Coveo and Sitecore's first Global Platinum implementation partner Avanade, the digital innovator on the Microsoft platform, announced a global partnership. Built on the Sitecore Experience Platform, Avanade’s cloud-based Digital Marketing Managed Services includes Coveo Intelligent Search apps for Sitecore, enabling Sitecore customers to deliver the most relevant, contextual digital customer experiences.
"At Avanade, we see that the most successful enterprises provide digitally empowered experiences and interactions with both its customers and its employees," said Florin Rotar, Avanade Digital Platforms and Offerings Lead. "Coveo's Intelligent Search platform and applications make our digital offerings even smarter, and will allow our clients to rapidly transform and enable relevant touch points with customers by injecting additional intelligence into every encounter."
Enterprise Search Market
According to the study conducted by Hexa Reports, the global enterprise search market is expected to reach USD 5.02 billion by 2020. Further key findings from the study suggest that key industry participants are Coveo Corp., IBM Corp., SAP AG, Oracle, Microsoft, Dassault Systemes, etc. Strategic collaborations in order to provide mass market solutions while serving niche markets remains to be a major strategic initiative.
A key factor driving market growth over the next six years is to provide time-efficient data search capabilities as the large volume of data management and operational efficiency are the key issues in many organizations. The need for managing data and content chaos is expected to fuel the enterprise search market. Another reason behind the accelerating demand for search capabilities is that the solutions also offer sophisticated security layer which makes data accessible to only authorized employees.
The emergence of cloud computing and Software as a Service (SaaS) positively impacts the enterprise search market which provides solutions at low maintenance and installation cost.