Series E Funding, Major Customer Wins Fortify Leadership Position
In Cloud Spend Optimization Market
SAN MATEO, Calif. – July 17, 2012 – Coupa Software, the leader in cloud spend optimization software, today announced Q2 2012 results, highlighted by a 185 percent increase in the amount of spend through its platform, compared to Q2 2011. Further illustrating the momentum, Coupa posted its 14th sequential quarter of growth in new annual contract value.
To fund growth, Coupa completed a $22 million Series E round of funding in May, led by new investor Crosslink Capital. Venture capital firms Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures continued their commitment to Coupa by also participating in the round.
“Our growth and our latest round of funding have put Coupa in a great position to accelerate our expansion,” said Rob Bernshteyn, CEO of Coupa. “Our recent customer wins are also a testament to the value of our platform, which helps companies spend responsibly. We’re empowering companies to lead the charge from within to control spend and improve their bottom line.”
“Our circumstances at Adidas Latin America were complex, because we use different languages and currencies. Coupa struck the right balance between standardization and customization, and complemented our existing ERP system while allowing visibility into our spend at a regional level,” said Christian Bader, head of IT at Adidas Latin America. “We were able to fully implement Coupa in just a short six weeks with everything we needed: procure-to-pay, budgets, contracts and reporting functionality.”
Other highlights highlighting Coupa’s velocity include:
About Coupa Software
Founded in 2006, Coupa Software is the fastest-growing provider of cloud-based spend optimization software. More than 200 customers in 40 countries use Coupa purchasing and procurement software to amplify their spend power and reduce spending costs up to 11 percent. Only Coupa provides a true cloud procurement application that enables customers to launch the solution rapidly and quickly realize significant savings. Learn more at: http://www.coupa.com or call 650.931.3200.Read more at our company blog, Making Cents, or follow @Coupa on Twitter.