Coupa Kicks Off 2013 with Record-breaking First Quarter Results
Company Demonstrates Continued Spend Management Leadership Through Tremendous Subscription Revenue Growth
SAN MATEO, Calif. – May 9, 2013 – Coupa Software, the leading provider of cloud-based spend management solutions for finance, today announced its Q1 2013 results, marked by more than a 100 percent increase in revenue growth over Q1 2012. Additionally, the company has now experienced 17 quarters of sequential subscription revenue growth.
“Coupa’s unwavering focus on customer success is driving prospective customers our way,” said Rob Bernshteyn CEO of Coupa. “Our continued growth is representative of the fact that we are the only vendor in the industry that provides a comprehensive suite of organic, cloud-based spend applications that enable customers to rapidly achieve success. Because our customers are able to extract so much value from Coupa, we consistently have high customer retention rates and see many of our customers grow their deployments over time.”
Q1 2013 Coupa highlights include:
- More Than a 100 Percent Revenue Increase: Coupa delivered quarterly revenue growth in Q1 2013 that was in excess of 100 percent over Q1 2012.
- More Than a 100 Percent Renewal Rate: In Q1 2013, contract renewal rates were in excess of 100 percent.
- Platform Growth of More Than 100 Percent: Spend through the platform more than doubled in Q1 2013 over Q1 2012.
- New Partners: Coupa brought on more than 14 new ecosystem partners across four continents during Q1 2013. The growth of Coupa’s partner ecosystem includes a new alliance with KPMG that is dedicated to helping clients transform their approach to procurement.
- Employee Growth: Coupa increased its employee base worldwide and saw a boost of 18 percent in Q1 2013 over Q4 2012. The company officially opened a second office in San Mateo, Calif., which will serve as its worldwide development center.
- Industry Recognition: In Q1 2013, Coupa was named a finalist in the 2013 Software Information Industry Association (SIIA) CODiE Awards program in the Best Cloud Platform as a Service category.
Coupa customer wins in Q1 2013 included Groupon, Inc. (U.S.), QVC, Inc. (U.S.), Sears Canada Inc. (Canada), Texas Dow Employees Credit Union (U.S.), VistaPrint USA, Incorporated (U.S.) and Woodward, Inc. (U.S).
Existing customers like The Chubb Corporation (U.S.), Citizens Republic Bancorp, Inc. (U.S.), The Container Store, Inc. (U.S.), Cross Country Healthcare, Inc. (U.S.), Houle Electric Limited (Canada), Limited Stores, LLC (U.S.), NNIT A/S (Denmark), On24, Inc. (U.S.), Premiere Global Services, Inc. (U.S.), Reebok-CCM Hockey, Inc. (Canada) and WEA Insurance Trust (U.S.) grew their Coupa implementations in Q1 2013 to further optimize their spend.
Coupa customer NPL Construction Company, Inc. engages in pipeline construction and operates as a gas distribution contractor. “Our construction team in the field required an intuitive application that they could gain proficiency with very quickly,” said Ron Turnbow, director of supply chain for NPL Construction Company, Inc. “In addition, we are an SAP shop and needed a procurement application that integrated with our existing infrastructure. We looked at all the key players in the market, and Coupa answered each and every one of our needs. We recently went live with Coupa, and we are already seeing the value.”
“I recently attended Coupa INSPIRE, the company’s industry conference where I was able to hear, first-hand, the stories of several Coupa customers,” said Andrew Bartolini, chief research officer of industry analyst firm, Ardent Partners. “I have to say that it was an impressive event built around customer success stories, Coupa product announcements and an active partner ecosystem. If this event is any indication of things to come, Coupa’s on the right path.”
About Coupa Software
Founded in 2006, Coupa Software is the leading provider of cloud-based spend optimization software. More than 300 customers in 40 countries use the Coupa suite of cloud applications to amplify their spend power and reduce spending costs up to 11 percent. Only Coupa provides a true suite of cloud applications for finance, including procurement, expense management and accounts payable that enables customers to launch the solution immediately and quickly realize significant savings. Learn more at: coupa.com or call 650.931.3200. Read more on the Coupa Blog, or follow @Coupa on Twitter.