The Caisse de dépôt et placement du Québec, alongside equity firm Georgian Partners, is investing $45 million in Montreal-based technology startup TrackTik Software Inc.

TrackTik, which provides cloud-based management software to security service companies, will use the financing to develop new products in artificial intelligence and machine learning technologies, with the aim of simplifying operations and maximizing profitability for security guard teams, according to a press release.

The company’s significant growth during 2018 made it an attractive investment, noted Thomas Birch, managing director of venture capital and technologies at the Caisse, in the release. “This new investment will enable TrackTik to continue its international development and reaffirms la Caisse’s support for technology companies, which represent a promising sector of Quebec’s economy.”

Read: Caisse and partner looking to accelerate AI developments in Quebec

TrackTik has developed an automated scheduling tool that uses predictive analysis and machine learning to simplify the scheduling of large and complex security teams. This reduces the number of human interactions and streamlines daily business activities, noted Simon Ferragne, founder and chief executive officer of the company, in the release.

“This investment is good news for the security workforce management industry as a whole as it is enabling us to reimagine every aspect of the industry, helping users of our technology perform at unprecedented levels of intelligence and efficiency as they obtain their key business objectives,” he said. “These unique tools will not only add value to our users but will enable our clients to add value to their customers.”

Read: PSP takes stake in elevator company, Caisse in Latin American financial institution

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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