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After two-year record revenue growth of 826 percent, Montreal tech startup TrackTik Inc, developer of a security workforce management platform for the security guard space, announced $7 million in financing from Caisse de dépôt et de placement du Québec (la Caisse) and iNovia Capital in October 2017. Funds have and will be used to fuel new market growth, product development, and the hiring of up to 70 employees, the company reports.
TrackTik Founder and CEO Simon Ferragne, pictured, said: “Having already secured a market-leading position in North America, we are ready to enter new markets. TrackTik is filling an important gap in the workforce management software industry. 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.”
TrackTik says that its enterprise software approach delivers all of the mission-critical components required to run a 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 growth, the company was recently awarded the Deloitte Technology Fast 50 Companies-to-Watch Award, 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.
Ferragne said: “When we started the company, we were offering a cool smartphone app that was a nice-to-have feature. 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 TrackTik’s plans, the company will extend to Europe and Latin America. Ferragne said: “In Europe alone, top enterprise security firms spend an estimated $34 billion annually, and many are using antiquated systems, including pen and paper. 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.”
According to Ferragne, in addition to hiring international staff, the company is hiring to double its Montreal team, which includes positions in R&D, sales, marketing, support and customer success. TrackTik’s main focus will be 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.
David Nault, Principal, iNovia Capital said: “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. iNovia is proud to support such a great team and customer-focused company.”
And Christian Dubé, Caisse’s Executive Vice-President, Quebec, said: “This transaction is part of our effort to support Quebec’s new-economy companies as they grow and enter new markets. 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.”
For Champion National Security, a Houston, Texas-based, privately-owned provider of armed and unarmed guards, the platform delivers visibility into everyday activities, giving branch-level managers a tool to solve 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.
Carroll said: “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. 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.”