Coveo continues to grow with the acquisition of British digital personalization technology company Qubit.
The deal, whose value has not been disclosed, will allow Coveo to enhance and expand its offering of AI-enabled products for e-commerce across European markets.
The Quebec company will also be able to reach new customers, particularly in the luxury, fashion, beauty, travel and online gaming industries. Qubit works with US and Japanese companies such as Kurt Geiger, Shiseido, Tailored Brands, and FanDuel.
Qubit is based in London, and employs around 90 people. This deal will grow the Coveo family, around the world, to more than 750 talents. This is the group’s second acquisition in the e-commerce sector, with a value of $1.4 billion. In 2019, Tooso snatched up.
In recent months, work here has not been idle. Due to the pandemic, many companies have been forced to digital transformation to maintain their financial health. Consumers were also more inclined to shop online.
Today, Coveo management believes that retailers need to be more competitive on the web as digital transformation accelerates.
“Qubit’s intellectual property and expertise arrive at just the right time, as companies turn to AI-powered solutions to deliver highly relevant answers, offers and recommendations to their customers at scale,” Coveo CEO Luis Tito said in a statement.
The latter is also known to have brought to the world Taleo, which was sold to Oracle for $1.9 billion in 2012.
Coveo’s solutions allow, among other things, the use of artificial intelligence, to detect the intent of the buyer and determine the context. For example, someone might be advised to shop online for certain products and content on certain sites.
In recent years, Coveo has completed two rounds of financing to support its growth plans.
In 2019, the Ontario Municipal Employees Retirement Fund (OMERS), Fonds de Solidarité FTQ, Investissement Québec and Evergreen Coast Capital injected $227 million into Techno.
The previous year, Elliott Management invested $100 million for a 27% stake in the company.
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