Coveo Reports 55 Percent Increase in Q1 2010 License Revenue; Signs 24 Deals with New & Existing Customers
New product innovations, demonstrated customer ROI, and award recognitions drive continued success
CHICAGO and QUEBEC CITY, April 21 -- Coveo, a leading provider of enterprise search and customer information access solutions, today announced its Q1 2010 results and corporate achievements. Coveo closed the quarter with a 55 percent year-over-year increase in license revenue and signed 24 deals with new and existing customers. CY Q1 2010 also represented an increase over the best quarter in the company's history, CY Q4 2009.
In Q1 2010, Coveo welcomed new enterprise customers to its global customer community, including:
-- Trading Technologies International, Inc., which develops
high-performance trading software for derivatives professionals,
including the world's premier investment banks;
-- Netezza Corporation, a global leader in data warehouse, analytic and
-- Hewitt, a top HR consulting and outsourcing company;
-- Royal Mail Group, the UK's postal service;
-- Allina Hospitals and Clinics;
-- One of the world's preeminent financial advisory and asset management
firms; among others.
During the quarter, Coveo also expanded relationships with existing customers, including IMS Health, the world's leading provider of market intelligence to the pharmaceutical and healthcare industries; CBC Radio-Canada; SNC- Lavalin, one of the world's largest engineering and construction firms, and BBA, an international consulting engineering firm; among others.
"Our consecutive, record-breaking quarters underscore both the traction of our new Information Access Solution for Customer Service, and the value that Coveo Enterprise Search solutions are providing for our clients," said Laurent Simoneau, CEO, Coveo. "Our momentum also reflects the growing awareness of the value that our centralized, unified index brings to IT departments as they provide services to their internal customers. Organizations tell us they choose Coveo because our solutions are extremely easy to use and deploy, yet meet their demanding enterprise needs, as evidenced during the Proofs of Concept we run on all of our prospective customer's data."
Throughout the quarter, Coveo continued to work with customers to measure the benefits and ROI of their Coveo implementations. Reported customer benefits include:
-- A two-week ROI for a Fortune 100 financial services company
-- A 97 percent reduction in time taken to find expertise across a top
-- A 10 percent increase in customer self-service satisfaction for the
world's leading independent IT management company.
Coveo also released Version 6.1 of its Enterprise Search Platform in Q1 2010. This latest release features the enterprise search industry's first Outlook integrated sidebar, the innovative Coveo Floating Desktop Searchbar, expanded Enterprise 2.0 capabilities, additional connectivity, and complete desktop and email indexing. The Coveo Enterprise Search Platform 6.1 combines structured and unstructured data from any enterprise system onto Coveo's proprietary, unified index - all without moving data. This lets organizations search for information across multiple content sources, including Enterprise 2.0 systems, and see the information in a single view, helping to improve decision making and operational efficiency. Coveo continues to build out the industry's leading connectivity across virtually all enterprise systems with its native Information Indexing Connectors.
Throughout the quarter, Coveo continued to receive recognition among top technology associations, editors, and thought leaders. Coveo was recognized by the Software & Information Industry Association (SIIA) as a CODiE Award finalist in the category of "Best Enterprise Search Engine." Coveo was also named a Leader in the 2010 CRM Magazine Service Award in the category of Best Contact Center Search. KM World magazine also named Coveo to its list of "Top Companies That Matter Most in Knowledge Management."
Coveo is a leader in enterprise search-powered, information access solutions. The Coveo Enterprise Search Platform and Customer Information Access solutions help organizations generate value from information and knowledge stored across the enterprise, in virtually any system, whether they reside in the cloud or on enterprise servers--all without moving data. While the Coveo Enterprise Search platform is designed for Global 2000 organizations, small and medium-sized businesses can get started at no cost with Coveo Expresso, a free, entry-level and yet robust enterprise search solution.
With Coveo's unified indexing technology, companies gain an alternative to expensive system upgrades and integrations, and are able to harvest existing IT infrastructure while providing actionable insight into information and knowledge. Coveo helps companies to Stop Moving Data(TM) by combining structured and unstructured data from virtually any enterprise system into a central index, which is then accessed securely to drive more value through multiple business processes.
Coveo's more than 700 global implementations contribute to the success of, among many others, AmerisourceBergen, CA, Deloitte, GEICO, ESPN, Haley & Aldrich, Lockheed Martin, Odyssey America, P&G, PricewaterhouseCoopers, Rabobank, SNC-Lavalin, Spencer Stuart, Theodoor Gilissen Bankiers N.V., Children's Hospital of Boston, Sony Ericsson, Macquarie Bank, Patek Philippe, IMS Health, Nexen, ICBC, SSQ Financial, and the U.S. Navy. Information and video demos are available at http://www.coveo.com.