Toronto-based Georgian Partners and Montreal-based Caisse de dépôt et placement du Québec (la Caisse) confirmed a $45 million in financing was granted to Montreal-based tech startup TrackTik Software Inc., known for its integrated security workforce management cloud-based software.
The substantial amount of funds will support initiatives in expanding product development (including AI and MI technology) as well as support efforts in doubling the staff at TrackTik as the company broadens its international footprint.
Through the combination of perfect timing and what’s described as an ideal cultural fit, the companies Georgian Partners cites TrackTik’s technology aligns with current industry demands and market pull.
TrackTik ranked No. 11 on the Deloitte Technology Fast 50 list, placed 36th on the Canadian Business 2018 Startup 50 ranking of Canada’s Top New Growth Companies, and received a 2018 SaaS Award for Customer Success by San Diego-based APPEALIE.
“This investment is in effect good news for the security workforce management industry as a whole as it is enabling us to reimagine every aspect of the industry, helping users of our technology to perform at unprecedented levels of intelligence and efficiency as they obtain their key business objectives,” said TrackTik Founder and CEO Simon Ferragne in making the announcement. “These unique tools will not only add value to our users but will in turn enable our clients to add value to their own customers,” he said, revealing that the new products are planned to start rolling out in early 2019.
“TrackTik’s unique end-to-end security workforce management software is advancing the security industry to improve services and make smarter, data-driven decisions,” said Steve Leightell, Partner at Georgian Partners. “They’ve built a powerful solution that is solving their customers’ greatest business needs and are truly leading the industry. We are thrilled to be working with the TrackTik team to develop their software’s cutting-edge artificial intelligence capabilities. Georgian’s core philosophy is that businesses utilizing applied AI will enable superior service levels in terms of capability, delivery, availability, accuracy and convenience, and so we look forward to being a part of this phase of their growth.”
“This new investment will enable TrackTik to continue its international development and reaffirms la Caisse’s support for technology companies, which represent a promising sector of Québec’s economy. One of the fastest growing technology companies in Canada, TrackTik will use the proceeds of this transaction to pursue its strategic expansion plan, which includes developing more machine learning technology,” adds Managing Director Venture Capital and Technologies at la Caisse Thomas Birch.
Source: Progressive Marketing Innovations Ltd.