Coveo
AI-powered enterprise search platform provider offering unified content indexing, intelligent search, and generative experiences across commerce, service, websites, and workplaces.
Overview
Founded in 2005 as a spin-off of Copernic Technologies by Laurent Simoneau, Richard Tessier, and Marc Sanfaçon, Coveo develops SaaS-based enterprise search solutions from Montreal and Quebec City. The publicly-traded company (NYSE: CVO) has demonstrated strong momentum in 2025, with stock gains of 45% and unanimous "Buy" ratings from six analysts with consensus price targets of C$10.64.
In Q2 2026, Coveo reported 17% subscription revenue growth and 150% generative AI customer growth, the highest growth rate in nearly five quarters. The company achieved major enterprise validation through SAP's deployment achieving 80% self-service success rates and €186 million in cost avoidance across 300 million cloud subscribers, while Manulife's implementation achieved 99.6% accuracy in wealth management search.
Executive Chairman Louis Têtu was appointed to Canada's AI Strategy Task Force in October 2025, positioning Coveo as a recognized leader in AI commercialization.
Key Features
- Hybrid AI Platform: Combines proprietary relevance models with external large language models for interoperability
- Unified Index: Consolidates content from 55+ sources into single AI-enriched index without data migration
- Coveo ML: Machine learning with Intelligent Term Detection (ITD) and automatic relevance tuning
- Enterprise Security: ISO 27001, HIPAA compliant with document-level access controls
- 99.9%+ Uptime: Multi-tenant platform with zero downtime during AWS outages
- Generative AI: Relevance Generative Answering that reduced SAP Concur case submissions by 30%
Use Cases
Enterprise Customer Support
SAP's implementation across 11.2 million documents from 47 sources demonstrates Coveo's capability at scale. The deployment achieved €8 million annual cost avoidance in SAP Concur alone, with Michelle Lewis-Miller noting: "When we piloted Relevance Generative Answering in Concur, it went so well it was shocking."
E-Commerce Search and Recommendations
RBC Capital highlighted Coveo's "strong momentum in the commerce vertical, fuelled by partnerships with SAP, Shopify, and Salesforce." The company's research found 70% of consumers accept generative AI shopping guidance, though only 3% start shopping with AI assistants.
Financial Services Knowledge Management
Manulife's deployment in Global Wealth & Asset Management achieved 99.6% accuracy and doubled digital engagement, integrated with genAI-powered Wealth Advisor Assistant.
Technical Specifications
| Feature | Specification |
|---|---|
| Platform | Hybrid AI-Relevance Platform (SaaS) |
| AI Architecture | Proprietary relevance models + external LLMs |
| Content Sources | 55+ indexable sources |
| ML Infrastructure | Netflix Metaflow platform |
| Security & Compliance | ISO 27001, HIPAA, NIST, ISM3 |
| Uptime | 99.9%+ with AWS outage resilience |
| Deployment | Cloud (multi-tenant) |
| Integration | Salesforce, ServiceNow, SAP, AWS, Shopify |
| Development | No-code builder, full API/SDK access |
Resources
Company Information
Headquarters: Montreal, Quebec, Canada
Founded: 2005
Founders: Laurent Simoneau, Richard Tessier, Marc Sanfaçon
Status: Publicly traded (NYSE: CVO)