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AI Leader – Coveo Announces Acquisition of Qubit

Artificial Intelligence (AI) , Machine Learning (ML), Natural Language Processing (NLP), Deep Learning (DL), AI Model, AI-powered Solutions, Digital Transformation, ML Model, Natural Language Understanding (NLU), AI News, Artificial Intelligence News
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A leading Relevance Platform and applied artificial intelligence (AI) company, Coveo, announced the acquisition of Qubit, a leader in AI-powered personalization for merchandising teams, and an important part of Coveo’s geographic expansion into the UK and Europe.

Laurent Simoneau, Co-founder, President & CTO of Coveo, said: “Today is an exciting day for the company as we close our second e-commerce acquisition, the first being the acquisition of AI-based, digital commerce engines company Tooso in 2019. Coveo’s expansion into the European region and focus on delivering innovative and forward-thinking e-commerce solutions powered by AI is a strategic part of our plan to grow our product offering.”

Coveo and Qubit’s combined e-commerce experience can help retailers to take advantage of the digital shift to remain competitive as it accelerates. This will allow them to meet consumers’ new expectations around relevance at scale, made possible with the use of AI. A combination of these offerings will also boost customer lifetime value, allowing merchandising teams to quickly deploy promotions, test what’s working, and iterate quickly as they go.

Graham Cooke, Qubit CEO, said: “We’re delighted to be joining Coveo’s mission. Our two businesses complement each other perfectly across both technology and expertise and are aligned to deliver a total solution for the benefit of our customers’ success. We look forward to delivering more business value to our collective customers as we roll out our integrated offering that drives forward the next level of personalization.”

With this acquisition, Coveo Relevance CloudTM enables retailers to drive better outcomes to:

  • Take advantage of AI-driven Commerce Searches powered by an industry-recognized leader to discover shopper intent and context
  • From personalized searches to product recommendations, from browser guides to product listing pages, equip teams to shape the shopper journey, all optimized through A/B and Multivariate testing and analytics
  • Using plug-in UI components, headless APIs, and open commerce support, customers can engage with shoppers across expanding digital touchpoints, including chatbots, mobile apps, and digital stores.
  • Personalized service across customer self-service, assisted support, and customer communities are key to driving lifetime value for customers
  • Utilize their combined retail and commerce expertise across Beauty & Cosmetics, Fashion, Luxury, Home & Garden, Grocery, Travel & Tourism, as well as Direct-To-Consumer, B2B, and Media.

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