The Montreal-based firm will use the money to fund ongoing product development projects, hire up to 70 new workers and fuel its ambition to capture half of the security solutions market in Europe.
TrackTiks all-in-one solution delivers the mission-critical components required to run a professional security service firm, including real-time management and incident reporting, on a single integrated platform, according to Simon Ferragne, founder, and CEO of the company. The solution is used by companies such as Commissionaires, Securitas, GardaWorld, and UAS.
“Having already secured a market-leading position in North America, we are ready to enter new markets”, he said. “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 intends to enter the European and Latin American security solutions market.
“In Europe alone, top enterprise security firms spend an estimated $34 billion annually, and many are using antiquated systems, including pen and paper,” Ferragne said. “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.”
Apart from recruiting for its international staffing need, the company is aggressively hiring to double its Montreal team.
For Montreal, TrackTik is looking for fill 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.”
“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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