Cognito IQ raises multimillion equity package

Cloud based provider of mobile workforce management solutions, Cognito IQ has announced that it has raised new £ multimillion equity funding from its existing shareholders to continue its growth drive.

The company released a statement saying that since the release of its Operational Performance Management product suite in 2014, it has signed up over 20 new customers in the UK alone. It aims at doubling its deployed subscriber base in 2016.

Last week, Apex Insight reported how delivery company Hermes had become Cognito IQ’s largest UK customer in one hit by rolling out the use of the Cognito ePOD (electronic proof of delivery) system across its network of Parcelshops and delivery vans. When fully operational, Hermes will have 20,000 licenses to use the product nationwide. With home shopping company Argos recently aboard, Cognito’s progress in the delivery sector seems to be strong.

Cognito iQ’s CEO Laurent Othacéhé, said of the news, “We are delighted that our shareholders enthusiastically support our ambitious growth plans.  Operational Performance Management (OPM) is the next revolution in the Mobile Workforce Management industry, with potentially an even greater impact than Mobile Applications and Real-Time Scheduling had over the last 10 years.”

Partner at Graphite Capital Kane Bayliss, also said, “Cognito iQ’s recent string of successes confirms our view that there is huge growth potential in the Mobile Workforce Management space for a vendor with the right visionary approach.”

Cognito is working with a number of other clients in the delivery sector including Argos, and its new systems and innovative solutions to everyday problems in the sector seem to be chiming with major delivery businesses on a regular basis. The company’s aggressive expansion plans look both feasible and sensible, and Cognito IQ is going to be a major player in the delivery software marketplace for many years to come.

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