Highest on Ability to Execute Axis in the 2024 Gartner® Magic Quadrant™ for Search and Product Discovery

MONTREAL and SAN FRANCISCO, Calif., May 16, 2024 /PRNewswire/ - Coveo (TSX: CVO), the leading enterprise AI platform that brings AI search and GenAI to every point- of-experience, enabling remarkable personalized digital experiences that drive business outcomes, today announced it has been positioned by Gartner as a Leader in the inaugural Magic Quadrant for Search and Product Discovery for its Coveo Platform™ offering ¹. The evaluation was based on specific criteria that analyzed the company's overall Completeness of Vision and Ability to Execute. "This Magic Quadrant for Search and Product Discovery is the first version of this Magic Quadrant. It replaces the Market Guide for Digital Commerce Search."

A Gartner Magic Quadrant is a culmination of research in a specific market, giving you a wide-angle view of the relative positions of the market's competitors."  Additionally, "By applying a graphical treatment and a uniform set of evaluation criteria, a Magic Quadrant helps you quickly ascertain how well technology providers are executing their stated visions and how well they are performing against Gartner's market view."

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players, with Leaders being the providers with the highest overall completeness of vision and ability to execute. The research enables decision-makers to get the most from market analysis in alignment with their unique business and technology needs.

The Coveo Platform^TM offers a robust suite of AI and GenAI models to deliver individualized experiences at scale, delighting shoppers while driving superior commerce business outcomes. Coveo powers remarkable product discovery journeys with predictive AI search, tailored recommendations, generative answers, and unified personalization across all customer interactions. Coveo uniquely orchestrates multiple AI models which can be layered together and provides merchandisers with the power to manage the models and tailor experiences according to their business needs. Last year, Coveo launched Relevance Generative Answering for commerce to bring conversational, advisory experiences that are grounded in a company's expert content, product catalog and semantics.

"We are proud to be a Leader in the Gartner Magic Quadrant for Search and Product Discovery, ranking highest for Ability to Execute among the 18 companies evaluated, a recognition that we believe reflects our commitment to unrelenting product excellence, innovation, and execution," said Simon Langevin, VP of Commerce Product at Coveo.  "As new technologies emerge and customer expectations rise, we believe this report not only validates our vision, but also acknowledges the robustness of our investments and the exceptional financial value we bring to customers."

View a complimentary copy of the Gartner Magic Quadrant for Search and Product Discovery report to learn more about the Coveo Platform™ and its strengths and cautions, among other provider offerings, here.  

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Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.   

GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

Gartner, Methodologies, Gartner Magic Quadrant, Gartner Critical Capabilities 

^{Source: Gartner, "Magic Quadrant for Search and Product Discovery: Mike Lowndes, Aditya Vasudevan, Sandy Shen, Noam Dorros, 2024}

We strongly believe that the future is business-to-person. That experiences are today's competitive front line, a make or break for every business. We also believe that remarkable experiences not only enhance user satisfaction but also yield significant gains for enterprises. That is what we call the AI-experience advantage – the degree to which the content, products, recommendations, and advice presented to a person online aligns easily with their needs, intent, preferences, context, and behavior, resulting in superior business outcomes.

To realize this AI-experience advantage at scale, enterprises require a robust, spinal and composable infrastructure capable of unifying content securely and delivering AI search, AI recommendations, true personalization, and a trusted generative experience at every touchpoint with each individual customer, partner and employee.

Coveo is dedicated to bringing this advantage to every point-of-experience, using powerful data and AI models to transform the enterprise in commerce, customer service, website and workplace.

The Coveo platform is ISO 27001 and ISO 27018 certified, SOC2 compliant, HIPAA compatible, with a 99.999% SLA available. We are a Salesforce Summit ISV Partner, an SAP Endorsed Ⓡ App, an Adobe Gold Partner, MACH Alliance member and a Genesys AppFoundry Ⓡ ISV Partner.

Coveo is a trademark of Coveo Solutions Inc.

Stay up to date on the latest Coveo news and content by subscribing to the Coveo blog, and following Coveo on LinkedIn and YouTube.

Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "might", "will", "achieve", "occur", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "continue", "target", "opportunity", "strategy", "scheduled", "outlook", "forecast", "projection", or "prospect", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. In addition, any statements that refer to expectations, intentions, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates, and projections regarding future events or circumstances.

Forward-looking information is necessarily based on a number of opinions, estimates, and assumptions that we considered appropriate and reasonable as of the date such statements are made. Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, actual results may vary from the forward-looking information contained herein. Certain assumptions made in preparing the forward-looking information contained in herein include, without limitation: our ability to capitalize on growth opportunities and implement our growth strategy; our ability to attract new customers, both domestically and internationally; the success of our efforts to expand our product portfolio and market reach; our ability to maintain successful strategic relationships with partners and other third parties; our future capital requirements; the available liquidity under our revolving credit facility; the accuracy of our estimates of market opportunity and growth forecasts; our success in identifying and evaluating, as well as financing and integrating, any acquisitions, partnerships, or joint ventures; our ability to execute on our expansion plans; and the future impact of the COVID-19 pandemic. Moreover, forward-looking information is subject to known and unknown risks, uncertainties, and other factors, many of which are beyond our control, that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to macro-economic uncertainties and the risk factors described under "Risk Factors" in the Company's most recently filed Annual Information Form available under our profile on SEDAR+ at www.sedarplus.ca. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made.

Moreover, we operate in a very competitive and rapidly changing environment. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. You should not rely on this forward-looking information, as actual outcomes and results may differ materially from those contemplated by this forward-looking information as a result of such risks and uncertainties. Additional information will also be set forth in other public filings that we make available under our profile on SEDAR+ at www.sedarplus.ca from time to time. The forward-looking information provided in this press release relates only to events or information as of the date hereof, and are expressly qualified in their entirety by this cautionary statement. Except as required by law, we do not assume any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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SOURCE Coveo Solutions Inc.