11th Consecutive Quarter of New Annual Contract Value Growth for Coupa Shows Explosion in Cloud Spend Management
Significant Customer Wins Fuel Rapid Growth and Global Expansion
SAN MATEO, CA — October 25, 2011 — Coupa Software, the leading provider of innovative Cloud Spend Management (CSM) solutions, today announced its 11th consecutive quarter of growth in new annual contract value, for the third quarter of 2011, which ended September 30, 2011.
Coupa’s sustained growth and brand name customer wins this past quarter signify that the market is readily embracing the Company’s vision on how to proactively impact the bottom-line through its spend management solution. The Company’s Q3 2011 success is a testament to how the demand for Coupa is greater than ever.
- Revenue: Quarterly revenue grew 184% year over year, holding Coupa’s place as one of the fastest-growing software-as-a-service (SaaS) companies.
- Usage: Spend through the Coupa Cloud Spend Management platform continued to grow at at over 55% year over year.
- Customers: Customer wins continue to validate the demand for Coupa, with 47 transactions closed in Q3 2011. Coupa continued to sell into both greenfield opportunities and replacements of software solutions including Oracle iProcurement, CommerceOne, and others. Significant wins last quarter included Fortune 500 company Molina Healthcare.
- Renewals:Coupa exceeded a 95% subscription renewal rate for the quarter, further evidence that existing customers are achieving great success with the solution.
- Adoption and Usage:Total user adoption skyrocketed, with a 32 per cent increase in active users on Coupa’s platform year-over-year.
- Go-LivesCoupa took 15 new customer live this quarter, again proving the exceptional time to value that the company continues to deliver for customers.
“We continue to stay focused and committed to empowering organizations to spend smarter and save money, via our world-class platform and team,” said Rob Bernshteyn, CEO of Coupa. “It’s incredibly validating to witness the success our customers are achieving in significantly reducing operating expenses by leveraging Coupa. We have made great strides as an organization to support the demand for our solutions both on a global scale and by growing our headquarters and executive team with the addition of Tony Wessels.”
Coupa expanded its corporate presence in Q3 2011 to support its fast-growing customer base. A few of these initiatives included:
International reach with the opening of an office in the United Kingdom, headed by industry veteran Alex Kleiner
- Relocated to larger headquarters facility in San Mateo, California, to accommodate new hires in support and services, sales and research and development; and marketing
- Greater investment into marketing and brand awareness with the appointment of enterprise software veteran Tony Wessels as Vice President of Marketing.
About Coupa Software
Coupa Software is the leading provider of cloud-based financial applications. More than 500 customers in over 40 countries, including Sanofi, Salesforce.com, BNP Paribas North America, NEC, Royal Bank of Canada, Swiss Re, and Highmark Health use the Coupa suite of financial applications to support business agility and reduce costs. Coupa provides a suite of true cloud applications for finance, including accounts payable, sourcing, procurement and expense management that allows customers to realise a return on their investment within a few months and savings that continually impact the bottom line. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.