Press Releases

Coupa Named a Leader in Gartner Magic Quadrant for Procure-to-Pay Suites for Indirect Procurement

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. 

 

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Coupa debuts on G-Cloud 6 as part of UK’s eProcurement drive

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:

  • Coupa Procure-to-Order for UK Public Sector
  • Coupa Procure-to-Pay for UK Public Sector
  • Coupa Sourcing for UK Public Sector
  • Coupa Expense Management for UK Public Sector

 

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.

 

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Coupa Redefines Mobile Expense Management

 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:

  • Intelligent Voice Capture – freeing mobile workers from their keyboards, Coupa is taking the industry far beyond basic voice entry. Intelligent voice capture parses spoken sentences and populates each expense item detail accordingly – including event, date, price and location.
  • Pop-up Policy Confirmation and Explanation – reinforcing Coupa’s mission to provide on-the-go compliance, policy confirmations are automated for each expense item. The app confirms compliance with travel policies and provides the underlying policy information to help users make better decisions for the company. 
  • Auto Classification for Expense Items – streamlining the data entry process for employees, the app offers auto-recognition of commonly used expense terms. Expense items are automatically categorized in real-time, based on the usage patterns across Coupa’s significant customer base. This drives reporting accuracy so the back office can have real time reporting without data misclassification.
  • Itemization & Multi-Day Split — employees now have access to more functionality on the go. Users can easily categorize their expenses and provide further detail into expense sub-lines and items with full itemization for lodging, meals, travel and more. In addition, customers can also take advantage of the Multi-Day Split feature in order to provide detail into spend spread out over a period of time or a group, such as multiple-night hotel stays or dinners with multiple attendees.

 

“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.

 

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Coupa Achieves Record Customer and Business Success with Savings-as-a-Service Platform

 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.

  • 100 percent increase in annual revenue – the company’s sixth consecutive year of doubling revenue
  • Renewal rate exceeding 98 percent among existing customers
  • Addition of more than 100 new customers -- ranging from mid-enterprise to Global1000 companies
  • Industry record-breaking time-to-value - Coupa customers were fully implemented in an average of four months on the Savings-as-a-Service platform, with employees and suppliers rapidly adopting its consumerized user interface within hours
  • Nearly $5 billion in calculated savings across the customer base
  • Two million transactions per day with $120 billion in spend through the Coupa platform
  • Greater than 99.99 percent measured uptime for the year
  • Enhancements throughout its Savings-as-a-Service platform including a new inventory module, expanded open business network and patent-pending Supplier Actionable Notifications that disrupted traditional concepts of supplier participation
  • Significant expansion in Coupa industry verticals including Coupa for Healthcare, Coupa for Financial Services, Coupa for High Tech and Coupa for Oil & Gas
  • Deepening relationships with Accenture, IBM, KPMG, and Deloitte; along with new partnerships with industry leaders such as Netsuite, Alibaba.com, Box, Docusign and TrustWeaver
  • $40 million in new funding and nearly doubling of worldwide workforce

 

“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:

  • Tom Aitchison joined as Executive Vice President of Global Sales. An accomplished sales veteran with a successful track record in managing sales organizations of high-growth companies, Tom is responsible for expanding the company’s rapid global growth worldwide.
  • Tara Ryan joined as Chief Marketing Officer. She brings a wealth of experience running global marketing organizations and programs for high-growth companies such as Netsuite and Proofpoint.
  • Laura MacKinnon joined as Vice President of People. Laura is responsible for the engagement and acquisition of top talent and for expanding Coupa’s brand and culture as the company rapidly grows around the world.
  • Roger Siboni joined Coupa’s board of directors. Roger brings extraordinary leadership and operational experience, gained during more than 20 years at KPMG LLP, in roles such as Deputy Chairman, Chief Operating Officer and worldwide head of KPMG’s Technology Practice, along with CEO of CRM vendor Epiphany, Inc.

 

Industry Leadership

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.

  • Expanded industry and solution practices at KPMG, Deloitte Consulting, Accenture and others, gaining significant traction and signing new customers with each
  • Announced with NetSuite (NYSE: N) a strategic partnership to jointly market the Coupa Cloud Procurement and Expense Management SuiteApp with ‘Built for NetSuite’ verification
  • Partnered with Box and DocuSign to provide new suite functionality
  • Partnered with Alibaba.com, giving Coupa customers access to millions of additional suppliers directly from within the Coupa platform
  • Partnered with TrustWeaver to give customers global e-Invoicing compliance capabilities.
  • Partnered with Keboola to help customers aggregate their spend data from multiple systems into the Coupa Analytics intelligent reporting platform

 

“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

 

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Coupa Named to OnCloud Top 100 List for 2015

 Annual ranking recognizes Coupa’s Savings-as-a-Service approach as a ‘game changer’ 

  

SAN MATEO, Calif. – February 12, 2015Coupa 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

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Coupa Acquires ZenPurchase

 

 

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

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Coupa and TrustWeaver Form Strategic Partnership for Dynamic, Globally Compliant e-Invoicing

 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

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Coupa Report to CIOs: 91 Percent of Us Aren’t Using All Our Work Software

 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

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Coupa Ranked 53rd Fastest Growing Company in North America on Deloitte’s 2014 Technology Fast 500™

 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.

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Coupa Posts Breakthrough Third Quarter

 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.”

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