Coimbatore-based SaaS firm Kovai acquires Elevation Capital-backed Floik

Kovai founder Saravana Kumar

Kovai.Co, an enterprise software and B2B SaaS company headquartered in Coimbatore, has announced its acquisition of Floik, a Bengaluru-based SaaS platform known for creating interactive product demos, videos, and guides.

The move is part of Kovai.Co’s strategy to enhance its AI-powered knowledge management software, Document360, used by over 2,500 businesses worldwide, Saravana Kumar, CEO of Kovai.Co, told Moneycontrol on November 13.

"Floik has been building the product for a couple of years. We saw that this business is very well-aligned with our strategies. And with the growth of AI, I believe this will augur well for Kovai. Six of their management team members along with a founder will join us and the rest of the employees will be part of Kovai," Kumar said.

Backed by Elevation Capital, Floik’s platform enables companies to create interactive guides that walk users through software features step by step.

Floik’s tools, used by over 8,000 users, offer video-based product tours and interactive demos that help new users adopt software more smoothly, Kovai said in a media statement. The firm has raised more than $3.2 million in its funding round, sources say that the company is valued at over $17.5 million.

Founded in 2011, Kovai.Co has offices in Coimbatore and London and offers enterprise software products for the Microsoft ecosystem. Its clients include ABB, Biocartis, Vodafone, Whatfix, and Toyota.

"We are not planning to run this as a separate product, this will be a strategic acquisition that will align with our existing product Document360," Kumar said.