TrackTik Software Announces $45-Million in Financing to Help Security Guard Companies Bring Their Services to Unprecedented Level

With the need for security guard services growing worldwide, Montreal-based tech startup TrackTik Software Inc., an integrated security workforce management cloud-based software, announced today $45 million in financing from Toronto-based Georgian Partners and Montreal-based Caisse de dépôt et placement du Québec (la Caisse). 

Funds will be used to drive new product development — including disruptive artificial intelligence (AI) and machine learning (ML) technologies — that will enable security guard firms or in-house security teams to simplify their operations and maximize profitability. TrackTik will also nearly double its staff of 120 in the next year to help bring to market the new state-of-the-art tools and increase support and provide best practices for customers as the company expands its operations internationally. 

Applauding the investors for their vision, Ferragne explained that both Georgian Partners and la Caisse are aligned with TrackTik’s commitment to transform the security workforce management market. In particular, Georgian Partners — a firm that invests in growth stage companies using AI and ML to solve real business problems, with a roster that includes players such as Shopify, Cority, Flashpoint and True Fit — has dedicated a group of technical experts to help TrackTik accelerate the development of its new products. 

Citing a good cultural fit between the two companies, Leightell added that the timing was right to engage with TrackTik because there is a strong market pull for TrackTik’s first-of-its-kind, all-in-one enterprise software solution that 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 administrative functions, and business intelligence. In addition to Applied AI, Georgian Partners’ thesis-led approach to investing also focuses on Conversational AI – including the use of text-based messaging, chatbots and voice assistants – and Digital Security, two areas that TrackTik is well positioned to capitalize on, he added.

Among some of the advanced AI capabilities to be featured in TrackTik’s new software are an automated scheduling tool that uses predictive analysis and ML to streamline the scheduling of large, diverse and mobile security workforces, reducing the number of human interactions and simplifying day-to-day business, Ferragne said. 

TrackTik’s innovations have helped propel the company’s exponential growth since its inception in 2013, with the company receiving multiple recognitions for its solutions. Last year alone, TrackTik ranked No. 11 on the Deloitte Technology Fast 50 list, was included on the LinkedIn list of Top 25 Startups in Canada, placed 36^th on the Canadian Business 2018 Startup 50 ranking of Canada’s Top New Growth Companies, and received a 2018 SaaS Award for Customer Success by San Diego-based APPEALIE.