OMERS Private Equity recently confirmed that it has led the series F funding round for Coveo, with $227 million being raised. Apparently other firms who participated included current investors Elliott Management’s Menlo Park, FSTQ and Evergreen Coast Capital.

According to Coveo, the newly acquired funds would be used to improve the company’s product development processes and increase the efficiency of its team. This will facilitate the expansion of its products and services to existing and future markets.

For the record, Coveo is a leading provider of SaaS for AI-search technologies, headquartered in Canada. Founded in 2005, the company apparently brings together unified search, data management and artificial intelligence to deliver necessary information and recommendations across webpages, businesses, services and job applications. Evidently, this allows companies to customize each digital experience for its partners, employees and customers.

OMERS’ Managing Director and Head of Growth Equity Mark Shulgan will join the Board of Directors at Coveo. Shulgan stated that the group is thrilled to team up with Coveo to further help businesses around the world to provide customized experiences by delivering the right data at the right time to the right people.

Shulgan further stated that the recent investment in Coveo is ideal for the growing demand for advanced AI technologies which help in reducing costs and increasing sales.

OMERS’ Executive Vice President Mark Redman noted that the company recognized Coveo’s growth and position in the market to provide state-of-the-art AI-search technologies. Past records have proven that OMERS has always invested in software companies that define its respective category for over two decades, Redman claimed.

OMERS Growth Equity is a long-term investor focused on promoting companies that seek growth opportunities of all kinds. These opportunities for growth could include scaling operations, purchasing, expanding product lines, or entering new markets.

OMERS invests and manages pension plans for over half a million participants by creating and overseeing a large portfolio of capital markets, hedge fund, resources and property development investments. OMERS is one of the largest defined benefit pension plans in Canada.

Source Credits –

https://finance.yahoo.com/news/OMERS-growth-equity-leads-coveo-113000552.html