Vooban: Ambitious growth in a rapidly expanding market

While the artificial intelligence market is experiencing dramatic growth worldwide, many Canadian companies are lagging in the use of these technologies. Vooban, specialized in developing customized AI solutions, is committed to helping them pick up the pace. With strategic support from CDPQ, it is positioning itself to become a major player in this rapidly growing sector.

The AI market has considerable potential, but adoption rates around the world remain uneven. “In Canada, companies are very cautious about the notion of integrating AI into their operations,” notes Hugues Foltz, Partner and Executive Vice-President of the Québec-City-based company. “We’re trailing Europe, where some countries have fully embraced this technology. U.S. companies are also stepping up the pace in this area.”

Vooban, which now has 200 employees following a recent acquisition, is pursuing its goal of expanding its presence in Canada and the United States. In the coming months, the company plans to open an office in Ontario, where it already has clients. “Ontario is our priority target, and it’s the one we’re currently tackling at full throttle,” says Mr. Foltz.

To achieve its goals, Vooban has adopted a two-pronged expansion strategy: Organic growth based on the ongoing development of its AI expertise and targeted acquisitions of companies offering similar or complementary services in order to strengthen its market position.

Vooban and CDPQ: A perfect match

In its quest for growth, Vooban has chosen CDPQ as a key partner. “CDPQ and our company are a perfect match,” says Mr. Foltz. “We share the same growth ambition and commitment to transforming companies through AI in order to boost the productivity and technological maturity of Québec and Canadian businesses. The potential benefits of AI are significant, hence the urgent need to take action. Productivity gains of around 30% to 40% can be expected in some cases,” he adds.

CDPQ is offering active support to Vooban by providing valuable resources and advice to accelerate its deployment in new markets. “Given that we have an acquisition target, we’ve brought CDPQ into the loop. Their experts raise points that we haven’t necessarily looked at. They challenge our positions, which inspires us to expand our thinking in a positive way,” explains Mr. Foltz.

Mr. Foltz stresses the importance of personalized support to start an AI journey off on the right foot. “Don’t do AI just for the sake of doing AI. It’s important to identify relevant initial projects that will have the desired impact for the company.”

Vooban offers a structured process for quickly pinpointing the most promising projects for an organization. This tailored approach is driven by the very nature of AI, according to the executive. “Artificial intelligence projects must be custom-designed because they’re based on data specific to the company, its business model and its operations. This is the essential condition for ensuring optimal AI performance.”

To meet these specific needs, Vooban has formed a team of some 30 AI experts who, along with developers and data analysis experts, are working on designing and implementing solutions for its clients. The company also defies the old adage about the shoemaker’s children going without shoes, having incorporated AI into its own internal practices, particularly to accelerate certain programming tasks and create different kinds of marketing content.

Adapted marketing strategies

To successfully penetrate new markets, Vooban is adapting its marketing strategies. Over the last two years, the company has been participating in various events to gain an understanding of the specific needs of clients outside Québec. It has learned that it needs to change its approach. “The labour shortage in Ontario and the U.S. isn’t as significant as it is here. In our messages, we’re putting more emphasis on productivity, which is an issue for all North American businesses,” explains Ms. O’Farrell.

“The company is also stepping up its involvement as a speaker at various events and positioning itself as an AI expert through a comprehensive content strategy, including webinars and blog articles. Although some markets are perceived as more advanced, there’s still a lot of educating to do on AI,” she adds. 

Sustainability, a value shared with CDPQ

The company also focuses on sustainable development, seeking to demonstrate how AI can make a positive contribution to the environment. “This year, it’s definitely one of our objectives to position ourselves in terms of key players to know how to use AI to improve its performance in this area. Artificial intelligence can really help a company reduce its environmental impact, regardless of its sector. Recently, one of our clients, a potato processing plant, managed to reduce food waste through an automation project,” explains Ms. O’Farrell.

A clear vision

Vooban is fundamentally a service company; it invests in the development of AI products as an additional growth vector. “But the big investments to come will potentially be to acquire companies of the same size, or even much larger than us,” says Mr. Foltz.

Supported by CDPQ, he and his partner, Kevin Moore, have big plans for Vooban. “Our goal is to pursue growth. In the medium and long term, our goals certainly extend beyond North America. But in the short term, we want to reach five hundred employees. It’s a symbolic number for us. That’s what we’re going to work on with CDPQ,” concludes Mr. Foltz.