Significant Client Base Growth and New Products Mark Coveo's 2009 Second Quarter
New Coveo Enterprise Search 6.0 platform drives momentum
CHICAGO, ILLINOIS and QUEBEC CITY, QUEBEC -- (MARKET WIRE) -- 08/12/09 -- Coveo, a leading provider of advanced enterprise search technology and information access solutions for high performance companies, today announced continued momentum in the second quarter of 2009 with new customers, the expansion of existing customer contracts and new partnerships. In large part, the results were driven by the Q2 introduction of its new platform version, Coveo Enterprise Search 6.0.
Research shows that search-enabled business applications foster new levels of productivity and are quickly gaining adoption due to the strong financial returns they bring to organizations. According to Peter Sondengaard, SVP of Gartner Research, quoted in Business Spectator, "the next quantum leap in productivity will come from the use of IT systems that analyze structured and unstructured data sitting within organizations....the searching and analysis of data from all sources will allow businesses to optimize the information about customers and product sets. It will contribute to an improvement in all aspects of business operations."
Coveo CEO Laurent Simoneau said, "Coveo achieved a significant milestone in the second quarter with the launch of the significantly enhanced Version 6.0 of our enterprise-class platform, Coveo Enterprise Search. This new, powerful technology was the differentiator in a number of competitive situations, where we were selected by leading companies such as Goodrich and CBeyond, and was the basis for significant expansion within our existing customer base. We are looking forward to bringing both new and existing customers the significant benefits that immediate access to cross-enterprise information and knowledge promotes, from increased productivity to faster sales to enhanced customer relationships and loyalty. During the second half of the year, we will continue to enhance our platform capabilities with the launch of new, advanced search-based solutions, as well as the expansion of channels to fuel our growth.
"Our new customer wins were due to a combination of our new platform, its fast implementation time - in many cases our new customers were up and running in hours or days - and our ability to quickly scale the solution, as well as its cost effectiveness," said Simoneau. "Importantly, Coveo customers achieve significant return on their investment, generally within two months of implementation."
During the second quarter, Coveo signed contracts for Coveo Enterprise Search 6.0 with multinational enterprises in the aerospace, finance and insurance, and utilities and telecom industries, including:
- Goodrich Corporation (NYSE: GR), a Fortune 500 company and global supplier of systems and services to aerospace, defense and homeland security.
- Odyssey America (NYSE: ORH), a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance.
- CBeyond Inc. (NASDAQ: CBEY), a leading IP-based managed services provider that delivers integrated packages of communications and IT services to more than 44,000 small businesses throughout the United States.
- The Doctor's Company, the largest U.S. insurer of physician and surgeon medical liability with 45,000 member physicians.
Also during the quarter, Coveo formed new partnerships with industry leaders in their respective categories in the U.S. and abroad, including Llesiant, New Idea Engineering, Oasis, Pragmantic SA, Reading Room, Softcat, and Verndale.
Coveo is a leading provider of advanced enterprise search technology and information access solutions, including mobile search solutions, for high performance businesses. Coveo solutions are the industry's most modular and scalable, creating the easiest deployments and lowest total cost of ownership, and yet provide sophisticated functionality to foster better customer experiences, and increase sales, productivity and collaboration among knowledge workers. By enabling real-time access to relevant business information, Coveo search solutions optimize business processes for customer service, information publishing, ecommerce, collaboration, investigations and litigation support.
The Coveo Enterprise Search 6.0 Platform powers all Coveo solutions and is a sophisticated, modular search platform that enables secure, just-in-time and unified information access and monitoring, regardless of where the information is stored across enterprise servers, laptops, or within cloud-based applications. Results enable better decision-making and improve overall business performance and productivity.
Coveo Enterprise Search 6.0:
- Indexes and dynamically links both structured and unstructured information within e-mail servers and archives, intranets, CRM and enterprise information systems, social media, databases, web content and even voice content from multimedia;
- Provides guided navigation through this information-via desktops and smartphones-to enable faster, more efficient and productive business processes; and
- Powers dynamic, business intelligence dashboards and information monitoring and alert applications that drive business performance.
With a unique, customer-driven approach and risk-free proof-of-concept, Coveo contributes to the success of more than 600 customers globally, including AmerisourceBergen, CA, California Water Service, D.E. Shaw, Deloitte, DirectBuy, GEICO, ESPN, Haley & Aldrich, Lockheed Martin, Odyssey America, P&G, Progress Software, PRTM, PricewaterhouseCoopers, Rabobank, SNC-Lavalin, Spencer Stuart, Theodoor Gilissen Bankiers N.V., Taubman Centers, Inc. (NYSE: TCO) and the U.S. Navy. Information and video demos are available at www.coveo.com
Contacts: Coveo Solutions Inc. Diane Berry, VP, Marketing and Communication 418-263-1111, ext 200 Mobile: 908-627-5470 firstname.lastname@example.org www.coveo.com
Released August 12, 2009