With the need for security guard services growing worldwide, Montreal-based tech startup TrackTik Software Inc., an integrated security workforce management cloud-based software, announced today $45 million in financing from Toronto-based Georgian Partners and Montreal-based Caisse de dépôt et placement du Québec (la Caisse).
Funds will be used to drive new product development — including disruptive artificial intelligence (AI) and machine learning (ML) technologies — that will enable security guard firms or in-house security teams to simplify their operations and maximize profitability. TrackTik will also nearly double its staff of 120 in the next year to help bring to market the new state-of-the-art tools and increase support and provide best practices for customers as the company expands its operations internationally.
“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.
Applauding the investors for their vision, Ferragne explained that both Georgian Partners and la Caisse are aligned with TrackTik’s commitment to transform the security workforce management market. In particular, Georgian Partners — a firm that invests in growth stage companies using AI and ML to solve real business problems, with a roster that includes players such as Shopify, Cority, Flashpoint and True Fit — has dedicated a group of technical experts to help TrackTik accelerate the development of its new products.
“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.”
Citing a good cultural fit between the two companies, Leightell added that the timing was right to engage with TrackTik because there is a strong market pull for TrackTik’s first-of-its-kind, all-in-one enterprise software solution that 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 administrative functions, and business intelligence. In addition to Applied AI, Georgian Partners’ thesis-led approach to investing also focuses on Conversational AI – including the use of text-based messaging, chatbots and voice assistants – and Digital Security, two areas that TrackTik is well positioned to capitalize on, he added.
Based on TrackTik’s substantial growth in 2018, Thomas Birch, Managing Director Venture Capital and Technologies at la Caisse stated that “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.”
Among some of the advanced AI capabilities to be featured in TrackTik’s new software are an automated scheduling tool that uses predictive analysis and ML to streamline the scheduling of large, diverse and mobile security workforces, reducing the number of human interactions and simplifying day-to-day business, Ferragne said.
TrackTik’s innovations have helped propel the company’s exponential growth since its inception in 2013, with the company receiving multiple recognitions for its solutions. Last year alone, TrackTik ranked No. 11 on the Deloitte Technology Fast 50 list, was included on the LinkedIn list of Top 25 Startups in Canada, 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 is an exciting time for the security guard workforce management space as the industry grows and evolves,” Ferragne said. “We at TrackTik are proud to support its advancement by providing the best products possible in the hopes of helping those in the industry propel their business forward. We want to thank both Georgian Partners and la Caisse for believing in our vision and mission, and we look forward to working together on achieving our goals.”
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 www.tracktik.com.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in SaaS-based business software companies exploiting applied artificial intelligence, conversational AI, and trust. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages its global software expertise to be able to directly impact the success of companies. For more information, visit www.georgianpartners.com.
About Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec (la Caisse) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2018, it held CAD308.3 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.