CDPQ propels Vooban’s growth in North America

by Vooban

Funding, Artificial intelligence

Québec, September 20, 2023 – CDPQ has announced the closing of a strategic investment in Vooban, the leading Québec supplier of applied artificial intelligence services. This transaction—Vooban’s first external investment since it was founded 12 years ago—is designed to support the company’s growth ambitions while, at the same time, underpinning its expansion plans, particularly in Ontario and the United States, both organically and through acquisitions.

In June, Vooban was named Artificial Intelligence Service Company of the Year by Scale AI, and it is currently experiencing very strong growth. Over the last few years, Vooban’s revenues have grown by 50% per year, a pace that is set to continue.

Vooban is headquartered in the city of Québec and currently has 135 employees. It plans to support this expansion by growing its workforce 30% over the coming months.

“We are extremely enthusiastic about partnering with CDPQ in this next phase of our growth,” said Kevin Moore, President and Founder of Vooban. “This strategic investment will enable us not only to continue providing first-class AI services to our customers, but also to extend our reach into new markets.”

In addition to its expertise in AI, Vooban has teams focused on programming, design, enterprise architecture, the Internet of Things (IoT) and cloud computing in order to support its clients in their digital transformation and deliver sizable efficiency gains. “Vooban has spent years deploying AI solutions in companies in Québec and across Canada. With CDPQ as our partner, we are convinced that we can make AI even more accessible to businesses and continue to position Vooban as a world leader in this field,” said Hugues Foltz, Vice-President and Partner at Vooban.

“This investment aligns perfectly with our strategy, which is aimed at supporting Québec businesses as they expand into new markets as well as companies that are accelerating the digital transformation through their products and services,” added Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “Vooban has an enviable position in a booming sector, and we are delighted to be supporting them as they expand, so that businesses will have even greater access to AI services.”

This transaction is being carried out as part of the CDPQ’s Ambition ME strategy, which targets support for mid-market companies with strong development potential in order to propel them into the next stage of their growth.

ABOUT VOOBAN

A leader in Québec and a national icon in applied artificial intelligence, Vooban supports businesses in the design and implementation of AI to accelerate digital transformations. Vooban’s mission is to drive organizational innovation, using AI, data and IoT to develop high-impact applications. These solutions enable companies to use innovation as a key lever in their transformation.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2023, CDPQ’s net assets totalled CAD 424 billion. For more information, visit cdpq.com.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.