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Coupa’s Global Expansion, Major Customer Wins And Award Recognitions Strengthen Standing As Cloud Spend Optimization Leader
Coupa’s Growth Continues in Q3 with 100 Percent Increase in Spend Volume Through Platform
SAN MATEO, Calif. – October 16, 2012 – Coupa Software, the leader in cloud spend optimization software, today announced its Q3 2012 results, highlighted by its continued global expansion and major customer wins. Spend through the platform increased by more than 100 percent this quarter compared to the same quarter last year.
Adding to its worldwide customer base, Coupa continues to outpace the competition winning new customers, such as Inventive Health and PF Changs in head-to-head competitions against Ariba. Other customer wins in Q3 include: Garcia Government Innovations, Hulu, Intermountain Healthcare, Nextag, Synapsense and Violin Memory.
Coupa executives attribute the company’s success to a myopic focus on making customers successful by leveraging the Coupa cloud-based solution which delivers fast time-to-value.
With Q3 completed, Coupa announced that it has connected customers with more than 500,000 worldwide suppliers and has expanded its worldwide employee base by 67 percent compared to Q3 2011, adding to its UK presence, as well as hiring key leadership in Latin America.
“Our recent achievements in Q3 further solidify our goal of transforming the old face of procurement into a new age of spend optimization,” said Rob Bernshteyn, CEO of Coupa. “Our next logical step is to take our momentum in the United States and apply it globally – and we’re looking closely at accelerating momentum the UK, Asia-Pacific and Latin America as the next steps in making that a reality.”
Coupa also grew its international customer base by securing Asia-Pacific customers Bistro Americano Corp (AGS), Maynilad Water Services (AGS) and MediaQuest Holdings Inc. Philippines (AGS).
Coupa announced the launch of Coupa 8 which included major enhancements to the Coupa platform, mobility enhancements and two new core capabilities: Coupa Smarter Contracts and Coupa Invoicing. The new capabilities are pre-integrated with the rest of the Coupa platform and help customers further reduce costs and directly impact the bottom line.
To showcase Coupa’s fervent focus on customer success, the company held its fall “ELEVEN Crank the Savings World Tour.” The 10-city road show offered attendees an opportunity to hear directly from customers and partners on best practices to drive savings and redefine procurement within organizations of all sizes.
Similar to previous quarters, Coupa continued to garner praise from the industry, achieving being named by The Wall Street Journal as the “Next Big Thing” and winning the 2012 TMC Labs Innovation Award.
Other highlights underlining Coupa’s velocity include:
- Revenue: Coupa enjoyed a 140 percent increase compared to the same quarter last year.
- Renewals:There was a 94 percent renewal rate in customer contracts.
- Platform Growth: Spend through the platform increased more than 100 percent this quarter compared to the same quarter last year.
- New Partners: Coupa formed new partnerships with Fedbid, Thomson Reuters ONESOURCE, Netsuite, OB10, Velocity Sourcing Group and Novatus.
- New Resellers: Both Cavallino Consulting and Preca Consulting (Russia) have joined as resellers for Coupa, helping to expand the ecosystem of value-add providers for Coupa customers.
- Global Expansion: Coupa has leveraged the funding it received from Q2 2012 in May to expand its UK team and hire employees in Latin America.
- Employees: Coupa increased its employee base worldwide by more than 67 percent compared to Q3 2011 and is continuing to hire as the company furthers its growth.
About Coupa Software
Founded in 2006, Coupa Software is the fastest-growing provider of cloud-based spend optimization software. More than 250 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: a href="https://www.coupa.com">https://www.coupa.com or call 650.931.3200. Read more at our company blog, Making Cents, or follow @Coupa on Twitter.