Adoption of the Coupa Cloud Spend Management Platform Explodes in 2010
Company Delivers 8th Sequential Quarter of Growth in New Annual Contract Value and Record Results
SAN MATEO, Calif. – Coupa Software, developer of the category-disrupting cloud spend management (CSM) solutions that help companies control their indirect spending and generate savings that go direct to the bottom line, today announced record results for 2010.
- Revenue. Monthly recurring revenue grew 156% year-over-year, placing Coupa among the fastest-growing software-as-a-service (SaaS) companies;
- Usage. Spend through the Coupa Cloud Spend Management platform grew at an exceptional 180% annual rate;
- Renewals. The company exceeded a 95% subscription renewal rate for the year, further evidence that existing customers are achieving great success with the service;
- Adoption. More than 50% of existing customers expanded their Coupa deployment in 2010 with new users, products and categories of spend, and overall active users on the platform is now well over 8 times what it was the previous year.
“Amidst the economic uncertainty of 2010, Coupa had a banner year across all aspects of the business,” said Rob Bernshteyn, CEO of Coupa Software. “This validates both the need for solutions to help companies control their indirect spending, including travel and entertainment spend; and the unique ability of Coupa’s cloud-based applications to not only satisfy that need, but deliver easily quantifiable value to the companies that subscribe to our service. We’re equally humbled by the incredible talent that continues to join us on our mission to help companies spend smarter with the best information technology on the planet.”
What Matters is Customer Success
New customers include businesses of all sizes, affirming the universal appeal of the Coupa Cloud Spend Management platform. This includes Rent-A-Center, Michaels Stores, Pandora, Berkshire Bank, Diagnostic Health, Vertis Communications, Williams Sonoma, Alta Devices, Veros Software, Federal Home Loan Bank of San Francisco, SuccessFactors, American Financial Group, and the leading global foodservice retailer in the world.
They join a growing group of organizations that have been increasingly vocal about their success with Coupa. Here is what a few of them had to say about Coupa:
- “So far, the adoption has been ‘spot on’” – CPO at Rent-A-Center, on its deployment of Coupa across 18,000 users and 3,000 retail locations
- “The implementation of Coupa was actually the first time ever an implementation went as planned” – CFO at ON24
- “I have line of sight to 85% of our spend at the click of a button” – CFO at Prospect Education
- “If you want visibility into every niche of your spend, Coupa is the tool to do that” – Websense
- “At Veros, we apply intelligence to every decision with Predictive Analytics. We found a kindred spirit in Coupa. With Coupa’s dashboards and benchmarking, we have insight into our spend in a way that we did not have before. We now have a 360-degree view throughout the entire purchasing process backed by Coupa’s sound support and continuous service” – Director of Purchasing and Vendor Management, Veros Software.
Coupa Expands Partner Program and Launches New Reseller Channel
Former SuccessFactors, Workplace Answers and Netscape executive Tony Dawson joined as Vice President of Alliances. Under his leadership, the Coupa partner program grew quickly in the second half of 2010, and now includes formalized relationships with dozens of consulting and advisory partners, outsourcing and distribution partners, premier supplier partners, and product and technology partners. New reseller relationships strengthen Coupa’s distribution channels on four continents, and are expected to contribute significant revenue in 2011.
Coupa Extends Product Leadership with New Innovations
As the only true multi-tenant software-as-a-service (SaaS) spend management solution, Coupa distinguishes itself from the competition with unmatched usability and disruptive innovations. Four major releases in 2010 introduced dozens of new features, and two completely new products:
- Coupa Cloud Spend Management. The introduction of an Expense Management product in early 2010 added expense reporting and auditing capabilities to the Coupa Cloud Spend Management platform. The unified solution delivers the best e-procurement and expense management capabilities in a single solution that is easier to use, faster to configure and deploy, and more cost-effective than anything available today.
- Coupa Expenses for Salesforce. With Coupa Expenses for Salesforce, launched at Dreamforce ’10 in December, salespeople no longer need to worry about tracking paper receipts or wasting hours to file an expense report. Now managers can see the impact of T&E expenses on their budget before reimbursements are approved, accounting managers gain intelligent scoring to prioritize expense report audits, and executives have insights into the true cost of sales.
Coupa achieved up-time performance of greater than 99.99% for the second consecutive year, proving that cloud-based applications are every bit as reliable and scalable as premise-based applications behind the firewall. In addition, Coupa completed another high quality SAS 70 Type II audit in 2010. This, along with Amazon AWS SAS 70 Type II, demonstrates a commitment to operational best practices that address even the most stringent data security requirements.
About Coupa Software
Coupa is the leading on-demand provider of solutions that control and streamline purchasing for organizations large and small. Coupa e-Procurement delivers an easy to use, fast to deploy and affordable solution for requisitioning, approval management, purchase orders, RFQs, inventory and invoicing, with no hardware to buy or software to license. With deep domain knowledge in e-procurement, a best-in-class software-as-a-service platform, and a fast-growing community of customers doing business with over 35,000 suppliers, Coupa enables smarter spending practices that empower companies to save money quickly. For more information please visit, a href="https://www.coupa.com">https://www.coupa.com or call 650.931.3200.