Cloud-Based Spend Management Vendor Positioned the Furthest for ‘Completeness of Vision’
San Mateo, CA – April 1, 2015 – Coupa Software, the leading provider of cloud-based spend management solutions, announced today that it has been positioned by Gartner, Inc. in the Leaders quadrant of the Gartner Magic Quadrant for Procure-to-Pay Suites for Indirect Procurement.1 The Gartner Magic Quadrant is considered one of the industry's most thorough evaluations of enterprise purchasing services solutions.
The report evaluated full-suite procure-to-pay solutions from 20 different software vendors on 14 criteria, placing Coupa in the Leaders quadrant based on its “ability to execute” and “completeness of vision.”
According to the report, “P2P suite Leaders demonstrate a market-defining vision of how technology and services can help procurement establish, develop and maintain contract compliance and cost-effective processes for managing and controlling external spend. They have the ability to execute against their vision with products and services, and they have demonstrated results in the form of growth and customer satisfaction.”
"We believe being named a Leader by Gartner is clear recognition of our Savings-as-a-Service model delivering billions of dollars of savings to customers everywhere,” said Rob Bernshteyn, CEO of Coupa. "Our disruptive Coupa Open Business Network proves it is possible for businesses of all sizes to connect to one another easily for mutual benefit. Our ever-growing global customer base is further validation that bringing businesses together seamlessly across the corporate purchasing, invoicing, travel and expense spectrum yields the highest levels of hard dollar savings; the ultimate sign of customer success and the one we are most proud."
Organizations require the visibility, compliance and predictive insights the right corporate purchasing solution provides staff for identifying areas for savings while also realizing contracted savings before the money is spent and the opportunity lost. In addition, with ever changing business-to-business needs, companies need solutions that adjust with them to continuously decrease costs and increase efficiencies within the supply chain.
Coupa customer Cofely, a GDF SUEZ company, is Europe’s leader in energy and environmental efficiency services, developing innovative solutions that improve the efficiency of cities, buildings, industry and infrastructure. “At Cofely we’re 100 percent focused on delivering a great service to our customers,” said Amber Ritson, Chief Procurement Officer. “Working with industry leaders like Coupa is transforming our business and helping us to drive measurable value for our company, and ultimately allows us to focus on our own customers’ satisfaction.”
In February, Coupa announced a number of key performance metrics that marked 2014 as a milestone year, including exceptional revenue growth, customer acquisition and retention rate, global scaling, and an expanding portfolio of solutions and partners reflect rising demand and deepening market penetration.
Coupa is meeting ever-growing demand by continually incorporating customer feedback and industry leading innovations into its unified cloud-based spend management suite. This includes updates across the corporate purchasing, sourcing, invoicing, open business network, travel and expense management, and inventory suite.
Coupa’s spend management software now available to UK public sector
London, UK – February 16, 2015 – Coupa Software, the leader in cloud-based spend management, today announced its availability through the Digital Marketplace via G-Cloud 6.
The G-Cloud 6 Framework Agreement allows Coupa to supply its cloud-based spend management suite of products across the whole of the UK public sector, including central government, local government, health, education, devolved administrations, emergency services, defence and not-for-profit organisations.
Coupa spend management solutions now available on G-Cloud 6 include:
The UK Government G-Cloud is an initiative designed to speed the adoption of new technologies to transform public services and improve efficiencies. The program offers best-of-breed solutions like Coupa’s on a pre-qualified, price-negotiated basis. It enables public sector organisations to move quickly to implement Coupa’s platform to secure discounts and manage their spending, saving them millions.
“Large and small organisations alike typically see up to 10 per cent savings in their purchasing costs,” says Rob Bernshteyn, CEO of Coupa. “Across the public sector, that equates to billions of much-needed savings opportunity for the UK.”
“The UK government is displaying real leadership in providing cost-effective cloud computing services to the whole of its public sector entities, and we are proud that Coupa’s spend management solutions are now available to this important customer segment in the UK,” says Alex Kleiner, general manager of Coupa EMEA. “Coupa’s suite of products can help these organisations drive real cost savings in the procurement of goods and services as well as the management of employee expenses on-the-go.”
The UK’s digital transformation agenda includes a big push towards eprocurement. By October 2018, electronic submission of offers will become mandatory for all Public Sector contracting authorities across the EU.
The UK government also recognises the important role of SMEs in delivering UK economic growth and prosperity. In March 2011, the government set a new target to award 25 percent of spend with third-party suppliers to SMEs by March 2015.
New features meet customer needs for today’s mobile workforces
SAN MATEO, Calif. – February 19, 2015 – Coupa Software, the leading provider of cloud-based spend management solutions, announced today state-of-the-art mobile expense technology that brings the ease of consumer applications and social computing to expense reporting.
Coupa’s new solutions drive productivity and satisfaction by enabling employees to record expenses in real time, through intelligent voice activation that uses natural language interaction. Combining an easy-to-use front-end user experience with Coupa’s streamlined back-end integration allows the world’s largest enterprises to track expenses, monitor policies and comply in real time.
Coupa is the only expense management provider today that uses this level of intelligent voice capture to create and automatically classify expense items. Users simply describe their basic expense details to the Coupa mobile app, which then recognizes terms, categorizes items and automatically populates them into expense reports.
“Companies today are hungry for solutions that simplify the process for employees to submit expenses,” said Henry Ijams, Lead Analyst at PayStream Advisors. “Coupa has implemented key enhancements like voice control in its platform while maintaining simplicity of use for today’s increasingly mobile workforce.”
By applying the same functionality used in everyday life to expense management, Coupa is alleviating the pain employees feel when it comes to submitting expenses, driving widespread adoption and increased compliance for greater real-time spend visibility for customers.
New features include:
“Coupa's unrelenting focus on ease-of-use for all users translates into expense management software that simplifies entry, streamlines review, eliminates paper pushing and reduces administrative effort,” said Raja Hammoud, vice president of products at Coupa. “We want to provide the best and most intuitive expense reporting experience available today – and that means using innovative approaches like voice, auto-classification and others to strip away the time required to create expense reports, track down receipts and reconcile credit card statements. We’re excited to redefine our industry in terms of innovation and customer expectations.”
Coupa is committed to delivering impactful spend management solutions that drive top- and bottom-line savings for customers. Applying consumerization strategies to mobile offerings and incorporating collaborative procurement solutions - as enabled by the recent acquisition of ZenPurchase - Coupa offers an easy-to-use system that integrates and easy integration withaccount payable applications such as those from Netsuite, QuickBooks, SAP, Oracle and others.
Check out Coupa's Expenses Trend Infographic.
For more information about Coupa’s mobile and other application development initiatives, visit here.
Coupa achieves growth exceeding 100 percent for the sixth consecutive year, accelerates global expansion, nearly doubles workforce and extends product offerings for inventory management and open business network
SAN MATEO, Calif. – February 17, 2015 – Coupa Software, the world’s leading provider of cloud-based spend management solutions, today disclosed a number of key performance metrics that mark 2014 as a milestone year.
The company’s exceptional revenue growth, customer acquisition and retention rate, global scaling, and expanding portfolio of solutions and partners reflect rising demand and deepening market penetration.
“This was a banner year for Coupa as we continued to work tirelessly in reimagining the spend management space, with a laser focus on business value for our customers,” said Rob Bernshteyn, CEO of Coupa. “We are deeply humbled by our customers’ willingness to roll up their sleeves and work hand-in-hand with us to achieve real measurable success for their operations around the world.”
Coupa Adds an Average of Two Customers Per Week in 2014
A record number of customers subscribed to the Coupa cloud platform in 2014. New customers spanned vertical industries and ranged from mid-enterprise to Global 1000, including Aldridge Electric, APEI, Appfolio, Apptio, Ausdrill, AVG Technologies, Colas, Drillsearch, Highmark Health, Lookout, LCMC Health, Southcentral Foundation, Royal Bank of Canada, Swiss Re, Technicolor, Veolia and others. Customers cited ease of use, economies of scale, immediate user adoption, reduced TCO and unprecedented ROI as primary reasons for working with Coupa.
Sanofi conducted an extensive 150-person evaluation of competing solutions before launching Coupa in three countries and across two SAP instances in 2014. Sanofi is now planning a rollout to its operations in an additional 70 countries.
“I wish we would have gone bigger sooner,” said Jean-Philippe Collin, Chief Procurement Officer of Sanofi. “The launch of the project has been a huge success.”
Expanded Suite of Solutions to Meet Customer Demand
Coupa is meeting demand by continually building out its full suite of globally compliant spend management solutions ranging from procurement, sourcing, invoicing, open business network, expense management and inventory. Coupa’s new inventory application combined with its best-in-class procure-to-pay platform builds upon the Coupa for Healthcare offering and delivers an industry solution that meets complex requirements and sensitive data needs.
Strong Renewals and Continued Installed Base Expansion
Customer renewals averaged more than 98 percent and hundreds of existing Coupa customers added on to their Coupa platform during the year, including Adidas Latin America, BNP Paribas North America, Concentrix, Molina Healthcare, Freeport-McMoran Oil and Gas and others. Coupa users are rapidly adding products and seats because of the ease of integration and consumer-like experience for employees and suppliers. Total spend managed on Coupa grew more than 100 percent in 2014 as compared to 2013.
Industry Record-Breaking Time-to-Value and Billions in Savings
For the more than 70 customers that went live in 2014, Coupa’s customers averaged a go-live time of four –months. This rapid implementation and quick employee adoption translates directly into bottom-line savings for Coupa customers.
EMEA Emerges as Fastest-Growing Market
Coupa also grew its worldwide operations significantly in 2014 as EMEA became Coupa’s fastest-growing region. New operations were established in Dublin, Frankfurt and Paris. Asia Pacific and Latin America also demonstrated strong demand. The company substantially augmented sales, marketing, service and development organizations to meet the global customer demand in these regions.
“At Aggregate Industries, we’re 100 percent focused on delivering solutions that our business requires to continuously improve our operational performance,“ said Gerard Cantwell, Director of Procurement at Aggregate Industries, a Coupa EMEA customer. “Partnering with companies like Coupa, who make savings and efficiencies a priority, helps us keep Aggregate Industries focused on our true operational needs as we continue to rapidly grow."
$40 Million Injection of New Funding
Coupa raised an additional $40 million in March, bringing its total venture funding to $87.5 million to date. Meritech Capital led the round, with participation from Icon Ventures, Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures and Blue Run Ventures.
Strengthening Board and Leadership team
Coupa also appointed new senior leaders and expanded its board of directors to scale the business and keep up with international demand:
Coupa was recognized as a leader by analyst firms, business press and industry entities in 2014:
Global Partnerships Expand Reach
As global enterprises seek to extract value from their existing ERP implementations, including Oracle, SAP and Netsuite, or innovate from existing Spend Management processes, Coupa’s partnerships with global systems integrators and consultancies add volume and strength to Coupa’s go-to-market initiatives.
“As we head into an even more exciting 2015, we’re deeply proud of our position as the industry’s leader in cloud-based spend management and optimization, and extremely thankful to our growing worldwide customer base,” said Bernshteyn.
For more information about Coupa, please visit www.coupa.com.
Annual ranking recognizes Coupa’s Savings-as-a-Service approach as a ‘game changer’
SAN MATEO, Calif. – February 12, 2015 – Coupa Software, the leader in cloud-based spend management, announced today that it has been chosen by AlwaysOn as a 2015 OnCloud Top 100 winner. OnCloud’s Top 100 companies are selected for their ability to rise to the challenge of bringing the world's businesses and enterprises into the cloud.
Coupa was named to the Top 100 list in the ‘SaaS Business Management Applications’ category. The company was selected by the AlwaysOn editorial team and
Expands spend management offering with real-time RFP processes and rapid supplier onboarding, accelerating customer time-to-value
SAN MATEO, CA – February 10, 2015 – Coupa Software, the leading provider of cloud-based spend management solutions, today announced the acquisition of San Francisco-based ZenPurchase, a collaborative enterprise procurement software company. The acquisition of ZenPurchase furthers Coupa’s mission to deliver savings-as-a-service through increased efficiencies, which drives business impact.
ZenPurchase’s cloud-based purchasing platform uses unique team collaboration technologies to modernize procurement departments and accelerate the RFP process. Designed to help Fortune 1000 customers simplify the painful procurement process, ZenPurchase’s platform delivers
Compliance simplified across entire Coupa Business Network
SAN MATEO, CA and STOCKHOLM – January 14, 2015 – Coupa, the leading provider of cloud applications for finance, announced today it has partnered with TrustWeaver, a Sweden-based provider of global VAT compliance services, to provide dynamic, real-time VAT and
Four in 10 Americans are frustrated when it comes to purchasing goods for work
SAN MATEO, CA – November 19, 2014 – Coupa Software, the leading provider of cloud-based financial applications to manage spend, announced today the results of its first annual Enterprise Software Survey. In data that should be alarming to most Enterprise CIOs, an overwhelming ninety-one percent of Americans said that they do not use all of their software at work. The survey was fielded through TNS, a world leader in
Attributes 2,463 Percent Revenue Growth to Company’s Unwavering Commitment to Customer Success
SAN MATEO, CA – November 13, 2014 – Coupa Software,the leading provider of cloud-based spend management solutions for finance, today announced it ranked 53rd on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.
Technology Fast 500 award winners for 2014 were selected based on percentage fiscal year revenue growth during the period from 2009 to 2013. Coupa grew 2,463 percent during this period.
Rob Bernshteyn, CEO of Coupa, credited Coupa’s cross-company focus on customer success and product innovation as the primary factors that contributed to its ranking.
Global Cloud Leader Marks 23rd Consecutive Quarter of Subscription Revenue Growth;
Grows Revenue by 100 Percent
SAN MATEO, CA – November 12, 2014 – Coupa Software, the leading provider of cloud-based spend management solutions for finance, today announced its Q3 2014 results, highlighted by a 100 percent increase in revenue over Q3 2013, record customer deployments and a record renewal rate. The company has now posted 23 quarters of sequential subscription revenue growth.
“Our third quarter was an exciting time as our investments in global expansion and product innovation came together to deliver measurable business results for our customers and record performance for our company,” said Rob Bernshteyn, CEO of Coupa. “We’re deeply proud of our position as the industry’s leader in cloud-based spend management and optimization and extremely thankful to our growing worldwide customer base. Together, we are reimagining our industry, with a tireless focus on delivering real, measurable business value.”