Blackstone Deploys Coupa Software To Streamline Procurement and Approval Processes
Leading Investment and Advisory Firm Implements Cloud-based Applications and Makes Limited Investment in the Company
SAN MATEO, Calif. – July 24, 2012 –Coupa Software, the fastest growing provider of spend optimization software, today announced that Blackstone (NYSE: BX), one of the world’s leading investment and advisory firms, has selected Coupa as its spend management solution and has made a limited investment in the company. Some Blackstone portfolio companies already use Coupa, and the Coupa-Blackstone relationship will now be leveraged at other portfolio companies in coming months.
Blackstone selected Coupa Software as it sought a best-in-class solution to streamline operations and optimize its spend. Coupa’s ability to quickly deploy its cloud-based solution and show immediate results was a key factor in Blackstone’s decision to deploy the Coupa solution. With 200 active Blackstone users currently on the platform, the company anticipates full integration with its more than 1,600 employees to drive collective spend intelligence across the organization.
Blackstone’s core private equity competency is investing in leading, global businesses positioned for growth and profitability. With a portfolio of more than 70 companies and $125 billion in annual revenue, Blackstone will offer the Coupa platform to its portfolio companies to help them quickly get their spend under control and improve operating efficiency.
“At Blackstone, we understand how to optimize company operations to improve efficiency and profitability,” said Matt Skurbe, treasurer and managing director for Blackstone. “Coupa is easy for everyone to use and makes it simple to drive savings that benefit the bottom line. We will use the Coupa solution to optimize spend and help improve the success of our portfolio companies.”
“We’re thrilled with the addition of Blackstone to our growing marquee of top-tier companies and investors,” said Rob Bernshteyn, CEO of Coupa. “Blackstone and Coupa share a strong partnership culture and unwavering commitment on creating value. Together, we’re focused on bottom-line results, and we anticipate huge continued success.”
Recognizing Coupa’s innovation, market leadership role and long-term growth viability, Blackstone was a minority investor in Coupa’s recently announced Series E round of funding.
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.
About The Blackstone Group
Blackstone (NYSE: BX) is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm accomplishes this through the commitment of its extraordinary people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.