Coupa Delivers 9th Sequential Quarter of Growth in New Annual Contract Value
Company Establishing a New Standard for Cloud Spend Management
SAN MATEO, Calif. – April 7, 2011 -
Mohr Davidow Ventures led the financing, and General Partner Bryan Stolle will join the Coupa Board of Directors. Previous investors El Dorado Ventures, Battery Ventures, and BlueRun Ventures also participated in the round.
Coupa is addressing one of the most critical business imperatives today, helping companies spend smarter and reduce operating costs to drive business results. The company’s innovative approach to making software extremely easy to use by anyone in a company, combined with its general philosophy of creating a single platform for spend management, has resulted in massive growth and adoption by enterprises across just about every industry.
Sales highlights from the quarter included a 1,000-seat subscription to Coupa’s Expense Management product from a known technology leader, a 700-user expansion for Coupa’s e-Procurement product at the nation’s leading provider packaging solutions, and a new 3,000 user subscription for the full Coupa Cloud Spend Management platform for one of the largest banks in the world.
Other key performance indicators for Q1 include:
- Revenue. Monthly recurring revenue grew nearly tripled over the year-earlier period, cementing Coupa’s place among the fastest-growing software-as-a-service (SaaS) companies;
- Adoption and Usage. Cumulative spend through the Coupa Cloud Spend Management platform grew at an accelerated pace in Q1, closing the quarter 26% greater than cumulative spend at the end of Q4. Monthly spend through the newer Expense Management product more than doubled between November and March;
- Scale. Total active users on Coupa at the end of Q1 grew by 749% over the year-earlier period; and the number of transactions now exceeds 500,000 per day. Uptime for the quarter was 99.999%.
“Conscious spending is imperative in business today, and those companies that will win in 2011 are those that not only achieve strong, sustained top-line growth, but reduce costs on the spend side of the profit equation,” said Rob Bernshteyn, CEO of Coupa Software. “Our growth in the first three months of this year show that companies continue to look to Coupa for the control and visibility our cloud spend management platform provides. We’re empowering organizations of all sizes to spend smarter and save money in a major way.”
Coupa Expands Leadership Team
This quarter, Coupa also added two members to its management team. David Williams, who has been with Coupa since its inception, was promoted to Vice President Technology. In that role, David leads Coupa’s technical developments and product delivery. One of the top talents in the developer community, David is credited with the decision to build Coupa’s Cloud Spend Management platform on Ruby-on-Rails, making Coupa one of the first enterprise software companies to leverage that platform.
In addition, Rick Gustafson joined as part-time CFO to oversee Coupa’s finance team. Prior to Coupa, Rick was CFO at Ketera Technologies, where he headed up the spend management company’s transition to a SaaS model. Before that, he held financial leadership roles at several emerging growth technology companies, as well as IBM and Ernst & Young.
“From a CFO’s perspective, it’s exciting to join a software company that aligns its people, processes and operations around financial results. Coupa’s technology is completely transforming how individuals in finance and procurement operate on a daily basis,” said Rick Gustafson, Coupa’s CFO. “Too many technology companies sell a means to an end; Coupa is all about delivering success, and for most companies that means a significant reduction in operating expenses.”
About Coupa Software
Coupa is the leading on-demand provider of solutions that control and streamline purchasing and expense management for organizations large and small. Coupa Cloud Spend Management delivers an easy to use, fast to deploy and affordable solution for requisitions, expense reporting, 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 cloud platform, and a fast-growing community of customers doing business with over 80,000 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.