Montreal’s TrackTik Announces $7-Million Investment to Accelerate Growth, Expand Internationally
On the heels of two-year record revenue growth of 826 percent, Montreal tech startup TrackTik Inc., developer of a first-of-its-kind security workforce management platform, today announced $7 million in financing from Caisse de dépôt et de placement du Québec (la Caisse) and iNovia Capital. Funds will be used to fuel new market growth, ongoing product development, and the hiring of up to 70 employees as the company further positions itself to be the global leader in workforce management for the security guard space.
“Having already secured a market-leading position in North America, we are ready to enter new markets”, said TrackTik Founder and CEO Simon Ferragne in making the announcement. “TrackTik is filling an important gap in the workforce management software industry,” said Ferragne. “We’ve proven product fit with more than 100,000 facilities protected each month by tens of thousands of users of our software, it’s exciting to now move into new regions.”
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As the security industry’s only all-in-one solution, TrackTik’s enterprise software approach delivers all of the mission-critical components required to run a professional security service firm on a single integrated platform, including real-time guard management and incident reporting, back office financial and administrative functions, and business intelligence. In recognition of its rapid growth, the company was recently awarded the Startup Canada Global Entrepreneurship Award for the Quebec Region and was named No. 15 on the 2017 STARTUP 50 ranking of Canada’s Top new Growth Companies by Canadian Business and PROFIT 500.
“When we started the company, we were offering a cool smartphone app that was a nice-to-have feature,” said 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.”
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As part of TrackTik’s bold expansion plans, the company will extend to Europe and Latin America. “In Europe alone, top enterprise security firms spend an estimated $34 billion annually, and many are using antiquated systems, including pen and paper,” Ferragne explained. “Our goal is to capture 50 per cent market share among the top security players in the U.K., France, Germany, Spain and Portugal. We’re already in talks with potential customers and they’re telling us that nobody is offering a platform like ours.”
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According to Ferragne, in addition to hiring international staff, the company is aggressively hiring to double its Montreal team, which includes positions in R&D, sales, support and customer success. TrackTik’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 is leading innovation in an industry that is rife with inefficiencies by using mobile and cloud software to drive cost savings and new revenue,” said David Nault, Principal, iNovia Capital. “iNovia is proud to support such a great team and customer-focused company.”
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“This transaction is part of our effort to support Quebec’s new-economy companies as they grow and enter new markets,” added Christian Dubé, Caisse’s Executive Vice-President, Quebec. “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.”
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A pioneer in developing mobile and web-based software to manage and coordinate security personnel for both security companies and corporations, TrackTik is the leading software in the industry. For Champion National Security, a Houston, Texas-based, privately-owned provider of armed and unarmed guards, the platform delivers unprecedented visibility into everyday activities, giving branch-level managers a proactive tool to solve costly operational issues such as overtime on the fly, and generating thousands of dollars in savings each week, according to Champion National Security Vice-President Jason Carroll.
“TrackTik is the most advanced solution out there and the only one to provide live, up-to-date access to actionable data at our fingertips,” Carroll said. “For the first time in our 40-year history, we are able to customize and automate our workflow in real-time, and get in front of issues in the field before they happen. Our employee experience is better, our customer service is stronger and every day we are coming up with new ideas for additional savings in time and money,” he added, noting that Champion National Security is excited to partner with a young, dynamic Montreal company.
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About TrackTik
TrackTik’s integrated security operations management software is the industry’s only all-in-one platform offering security service companies complete control of every aspect of their business. TrackTik saves customers time and money by enabling them to access insight, streamline operations, and improve business development through easy-to-use mobile and web-based technology, customized implementation and technical support, and a personalized sales toolbox. TrackTik has become the No. 1 software for security experts by driving efficiency and growth through automation and accurate data. For details, visit tracktik.com.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2017, it held $286.5 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
About d’iNovia
iNovia is an early stage venture capital firm that invests in category-defining technology startups. Epic companies are forged by exceptionally qualified founders; iNovia supports these remarkable individuals with custom playbooks for attracting talent and scaling efficiently. Together we perfect the craft of building digital platforms and services that transform old industries and push technology frontiers. iNovia manages $500M across three funds and invests across Canada and the United States. For more information, visit inovia.vc.
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