TrackTik Software secures $7M financing led by CDPQ

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By Ted Liu

TrackTik Software Inc., a developer of security workforce management platform, has raised $7 million in funding from Caisse de Dépôt et de Placement du Québec (CDPQ) and iNovia Capital.

TrackTik intends to use new funds to for new market growth, ongoing product development, and the hiring of up to 70 employees as the company further positions itself to be the global leader in workforce management for the manned security guard space.

TrackTik’s new round of funding comes two years after seed financing in the amount of $1.5 million from Klass Capital and iNovia Capital.

Having already secured a market-leading position in North America and Europe, the firm is poised to successfully enter new markets.

“TrackTik is filling an important gap in the security software industry,” said TrackTik Founder and CEO Simon Ferragne. “With more than 100,000 facilities protected each month by tens of thousands of users of our software, now is the time to further extend our reach into new regions.”

As the security industry’s only all-in-one solution, TrackTik’s enterprise software approach 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 financial and administrative functions, and business intelligence. In recognition of its rapid growth, 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.

“When we started the company, we were offering a cool smartphone app that was a nice-to-have feature,” said Ferragne. “Since then, we’ve grown to provide mission-critical software, arming the world’s largest security firms with the next-generation tools and information they need to run their entire company.”

“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, CDPQ 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.”

As part of its continued progress and development, TrackTik will also be seeking acquisition opportunities in 2018.

photo credit: TrackTik