Customers Adopt New Cloud Spend Management Platform in Droves

Coupa Software, maker of disruptive e-procurement and smarter expense management software for helping companies control their spending, today announced its fifth consecutive quarter of net new bookings growth and overall record results, despite softness in the overall economy. New bookings for the quarter ended March 31st were 281% of the new bookings for the same period last year. Spend through the Coupa e-procurement platform accelerated throughout the quarter; with more than 1.5 million transactions exceeding hundreds of millions in spend. Subscription renewal rate for the quarter was 100%, with many customers adding new seats and expanding their usage of the system.

New customers signed during the quarter include internet radio pioneer Pandora, Berkshire Bank, Premier Global Services, Nelson Staffing, and one of the largest franchises in the Fortune 500, affirming the universal appeal of the Coupa cloud spend management platform for businesses of all types and sizes. They join a growing group of organizations that have been wildly successful with their Coupa implementations.

Pandora CFO Steve Cakebread stated, “As we remain laser-focused on growing our business it is important to have the right financial tools in place for to ensure effective management of spend within established budgets. We’re pleased to use Coupa as one of the primary tools to assist us in our ongoing commitment to that financial goal.”

Coupa introduced a major expansion of its solution in Q1, adding smarter expense management functionality to create a powerful cloud spend management platform that allows companies to procure goods and services from the same system through which it manages the expense reporting and auditing processes. Now companies can leverage a unified solution for managing non-payroll indirect spending, featuring a single user interface, a single workflow model for approving purchases and reimbursable expenses, one underlying chart of accounts, one set of budget entries against which to credit purchases and expenses, consolidated dashboards for unparalleled visibility into non-payroll spending, and dozens of operational benchmarks to compare an organization’s performance against other companies transacting through the Coupa platform.

Like its E-Procurement complement, Coupa Expense Management features several industry-first product innovations that make the solution easier to use, and more valuable to everyone in the organization, including:

• Automated scoring to identify and prioritize the expense reports requiring accounting review and verification, simplifying the audit process
• The patent-pending Frugal Meter, which gently prods employees with in-line notifications when their expenses “seem a little high” or recognizes their thriftiness with “thanks for being frugal” messages when their expenses are well below the category average
• Electronic receipt management capabilities that make tracking your receipts as easy as snapping a photo on a mobile phone and sending an email
• The introduction of a pre-approved purchase workflow that gives managers greater control over, and visibility into, employee spending before the expense report is even filed

“You cannot underestimate the impact of being able to control purchasing and expense reporting from one unified system,” said Rob Bernshteyn, Coupa’s CEO. “Coupa’s performance in Q1 is validation and proof-positive that our Cloud Spend Management platform is exactly the kind of disruptive innovation the market has been waiting for – a powerful but easy to use financial management tool for controlling business spending in the cloud, with all the benefits that software as a service have over traditional on-premise software and hosted solutions. We’re humbled by our customers’ support of our vision.”

About Coupa Software
Coupa is the leading provider of disruptive and innovative cloud spend management (CSM) solutions that help companies control their indirect spending and generate savings that go direct to the bottom line. Coupa combines the best e-procurement and expense management capabilities in a single solution that is easier to use, faster to configure and deploy, and more cost-effective than anything available today. With deep domain knowledge in e-procurement and expense management, a best-in-class cloud computing platform, a fast-growing community of customers, and industry-first innovations like real-time benchmarking, intelligent expense report auditing, and crowd sourcing great deals on the Web, Coupa is leading the way in helping companies spend smarter and save more. For more information please visit, http://www.coupa.com or call 650.931.3200.