TrackTik, Montréal-based security workforce management platform, has received $7 million in funding.
The startup is backed by Caisse de dépôt et placement du Québec (CDPQ) and iNovia Capital, which also provided $1.5 million seed financing to the startup in 2015.
“Having already secured a market-leading position in North America, we are ready to enter new markets,” said TrackTik Founder and CEO Simon Ferragne. “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, which reports a record revenue growth of 826 percent, was founded by Ferragne in 2010 with the intention of giving security service companies control over all aspects of their business.
It identifies as an integrated platform that provides real-time guard management and incident reporting, back office financial and administrative functions, and business intelligence. Ferragne and his team plan to use the funding for growth outside North America and Europe, hiring more staff, pursuing acquisitions, and product development.
“In Europe alone, top enterprise security firms spend an estimated $34 billion annually, and many are using antiquated systems, including pen and paper,” said Ferragne. “Our goal is to capture 50 percent market share among the top security players in the UK, 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.”
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. According to Ferragne, TrackTik will continue to focus on artificial intelligence and mobility, providing trend analysis to help clients cut overhead, reduce staff overtime and run more responsive operations.
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