Coveo buys Anglera to sharpen AI shopping search

Montreal-based Coveo has acquired Silicon Valley’s Anglera, a Y Combinator alum that structures product data, for an undisclosed amount, the TSX-listed company announced Thursday alongside its second-quarter results.

Chief financial officer Karine Hamel said on the earnings call that the purchase was funded with cash on hand and was a “modest upfront investment,” with another payment possible in early 2028 depending on commercial performance, BetaKit reported.

Anglera’s platform extracts and manages hundreds of technical attributes from products, such as dimensions, materials and compatibility. Coveo plans to feed those details into its search and recommendation platform so AI assistants can find and compare products for shoppers.

Co-founder and CEO Laurent Simoneau said Anglera automates data enrichment that many of Coveo’s customers struggle to do by hand. “The ability to surface content to those external AI assistants in the context of commerce is a growing priority for customers in retail, especially,” he said.

Coveo said a 30-day test with an apparel retailer found product pages using Anglera’s extracted data drew 120 per cent more organic landing-page traffic and 270 per cent more visits referred by AI tools than a control group. Those figures are the company’s own and have not been independently verified.

The quarter itself was steady rather than spectacular. Revenue rose eight per cent from a year earlier to US$40.4 million (about $56.4 million), and the net loss narrowed to US$3.1 million from US$4.4 million, BetaKit reported.

Coveo’s shares rose 1.5 per cent the morning after the report, trading at $4.84, compared with about $8 a year earlier.

The deal is the latest in Canadian tech to be framed around AI. On Friday, Canada joined Europe’s EuroHPC network, which gives researchers and businesses access to European supercomputers. Our startup roundup tracks other recent Canadian funding rounds and acquisitions.

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