1 November 2021
We advised Qubit, a leader in AI-powered personalisation tech for merchandising teams based in London, on its acquisition by Coveo, a relevance platform and applied AI company that transforms digital experiences with AI-powered search, recommendations, and personalisation.
The transaction further accelerates Coveo's geographic expansion into the UK and European markets.
Coveo and Qubit’s combined e-commerce experience aims to provide powerful innovative solutions for retailers which need to compete as the digital shift accelerates and help them meet new consumer expectations around relevance - at scale – made possible through AI. The combined offering is also intended to help drive customer lifetime value, from acquisition, through conversion, and retention with the addition of tools for merchandisers to easily and quickly deploy their promotions, test what’s working, and rapidly iterate.
Commenting on the transaction, corporate partner Ross McNaughton said: "We were excited to be involved in supporting Qubit in this significant step as it joins Coveo. We wish the teams all the best with this next chapter."
Qubit CEO Graham Cooke added: “We’re delighted to be joining Coveo’s mission. Our two businesses complement each other perfectly across both technology and expertise and are aligned to deliver a total solution for the benefit of our customers’ success. We look forward to delivering more business value to our collective customers as we roll out our integrated offering that drives forward the next level of personalisation. We would like to thank the team at Taylor Wessing for the exceptional support and insightful guidance they have provided throughout, including Ross and the team on the complex M&A mechanics, and Angus Miln for his outstanding strategic input and continued advice throughout the life cycle of the business."
The team was led by corporate partner Ross McNaughton, with senior associates Richard Faichney and Sarah Cole, and associate Rachael Potts. Additional support was provided by Katie Lewis and Anna Humphrey (tax & incentives).