Montreal’s TrackTik announces $7 million investment
By Canadian SecurityNews Industry News
Montreal tech startup TrackTik Inc., a developer of a “first-of-its-kind” security workforce management platform, has announced $7 million in financing from Caisse de depot et de placement du Québec (la Caisse) and iNovia Capital.
“This transaction is part of our effort to support Quebec’s new-economy companies as they grow and enter new markets,” said Christian Dubé, Caisse’s executive vice president, Québec. “TrackTik’s rapid growth demonstrates the innovative nature of its technology platform, which allows its customers to manage their workforce through an integrated and efficient solution.”
TrackTik says the investment comes on the heels of two-year record revenue growth of 826 per cent, and will be used to accelerate growth and expand internationally.
“When we started the company, we were offering a cool smartphone app that was a nice-to-have feature,” said TrackTik founder and CEO Simon Ferragne. “Since then, we’ve grown to provide a full enterprise software, arming the world’s largest security firms with the next-generation tools and information they need to run their entire company.”
As part of its expansion plans, TrackTik will extend to Europe and Latin America.
“Our goal is to capture 50 per cent market share among the top security players in the U.K., France, Germany, Spain and Portugal,” added Ferragne.
According to Ferragne, the company will hire international staff and is looking to double its Montreal team.
He added that the company’s main focus will be continued product development in the areas of artificial intelligence and mobility, providing trend analysis to help clients cut overhead, reduce staff overtime and run leaner, more responsive operations.
TrackTik was recently awarded the Startup Canada Global Entrepreneurship Award for the Quebec Region and was named number 15 on the 2017 STARTUP 50 ranking of Canada’s Top new Growth Companies by Canadian Business and PROFIT 500.
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