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Coupa’s Q2 2015 is Largest Quarter Ever in New Bookings
The Savings-as-a-Service Company Extends Next Generation Spend Management Capabilities; Marks 26th Consecutive Quarter of Subscription Revenue Growth
SAN FRANCISCO – August 12, 2015 – Coupa Software today disclosed key performance metrics demonstrating its continued record-breaking customer and business success in Q2 2015. Coupa’s purpose-built cloud platforms and solutions continue to drive real, measurable business savings for global customers, fueling 80 percent customer growth year-over-year.
Driven by increased enterprise demand for its industry-leading cloud-based services, Coupa grew its customer subscription revenue in Q2 for a 26th consecutive quarter. Coupa also expanded its global footprint with continued growth in its sales force, a record number of new hires and new strategic partnerships across the globe, including a strategic alliance with Deloitte Consulting LLP.
As employees come to increasingly expect the simplicity they are accustomed to with consumer technologies in the workplace, Coupa announced in Q2 new solutions to introduce machine learning and wearables to enterprise spend management. These tools – Coupa for Apple Watch and SmarterTrip, along with a host of innovations in Release 13 – facilitate adoption by employees, ultimately bringing more spend under management and helping customers realize greater savings.
“In the second quarter, we achieved record-company performance on the strength of our global business expansion, strategic partnerships, and product innovations,” said Rob Bernshteyn, CEO of Coupa. “We are committed to revolutionizing the spend management space by bringing to market solutions that employees and suppliers actually use, which is the only proven way for our enterprise customers to bring previously unmanaged spend under control and achieve millions of dollars in savings.”
Q2 2015 Business Highlights
Global Business Expansion with New Funding and Executive Hires
- In June, Coupa announced it had closed an $80 million funding round led by T. Rowe Price Associates, Inc. and Iconiq Capital. Coupa is using the new capital infusion to fuel continued expansion of its global operations; grow sales, support and marketing worldwide; and increase product development to meet the evolving needs of global enterprises.
- Also in June, Coupa appointed Todd Ford as Chief Financial Officer. Ford, a seasoned industry executive who most recently led MobileIron through a successful IPO, is bringing finance and operations experience to help Coupa scale for rapid growth and global expansion.
- Coupa’s continued growth in EMEA drove the opening of a new hub in Dublin, Ireland. This new European customer support hub will accelerate the cloud-enabled automation of financial processes for businesses based in Europe, helping them save millions.
Savings-as-a-Service Fuels Record Customer Growth and Time to Value
- In Q2, new customer growth rose 80 percent year-over-year as global enterprises in regions representing North America, EMEA, Latin America and Asia Pacific subscribed to the Coupa cloud platform. Citing ease of use, economies of scale, immediate user adoption, reduced TCO and unprecedented ROI, customers such as OANDA, Tideworks Technology, Wacom Technology, Saba Software, Aspire Public Schools, Thomas Cook, and Allied Irish Bank selected Coupa over other vendors in Q2.
- Coupa’s customers are rapidly adding new applications and user licenses thanks to the power of the Coupa unified application suite and consumer, total-user experience for employees and suppliers. In EMEA alone, active users exploded by 249 percent from Q2 2014, enabling a 162 percent increase in total spend managed under the Coupa platform.
- The size and duration of customer deals continued to grow in Q2, thanks to the concrete savings Coupa drives for customers. In Q2, Coupa closed three deals worth more than $1 million.
- In Q2, more than one new customer per week went live on Coupa’s systems. These customers achieved record-breaking time to value with average deployments of 4 to 6 months. This rapid implementation and quick employee adoption translates directly into bottom-line savings for Coupa customers.
Strategic Partnerships Expand the Breadth of Next Generation Expense and Travel Management Differentiators for Coupa
- In June, Coupa announced a strategic alliance with MasterCard, an integrated offering that will allow millions of businesses that accept MasterCard to get their invoices paid faster without negatively impacting their customers’ cash position. Silicon Valley Bank was actively involved in the design process and is the first financial institution that will offer the virtual card solution to Coupa customers.
- Coupa continued to expand its Coupa Advantage program globally, increasing the number of suppliers as a part of Coupa’s pre-negotiated savings supplier ecosystem by nearly four-fold.
Expanded Investment in a Global Footprint of Partnership and Sales
- In Q2, Coupa announced a strategic alliance agreement with Deloitte Consulting LLP to help drive procurement transformation, along with a partnership agreement with Hayes Management Consulting as an implementation partner for the rapidly-growing healthcare vertical.
- Coupa now has a community of 20 EMEA-operating partners, including four resellers. Coupa has also expanded its alliance partners in Australia, Latin America, and Asia Pacific and certified another 130 partners globally in Q2.
- The Coupa Advantage program added two new categories including Document Management and IT Asset Management. More than 30 new customers have signed up for Coupa Advantage and are realizing immediate savings thanks to negotiated rates, fee-free participation, and a simple user interface. Participating organizations such as Office Depot have seen strong volumes of transactions from new customers with Coupa Advantage in the US.
- Coupa continues to invest in sales staff across the globe, hiring a record number of new employees in Q2, with the majority of hiring occurring in sales and engineering, particularly in Asia Pacific and Australia.
- Coupa hired new senior sales leadership in the Asia Pacific region, including Bryan Tan, as Regional Vice President of Asia Pacific, to accelerate Asia Pacific sales.
Solidified Industry Leadership with Awards and Record-Breaking Customer Event
- As of June, Coupa’s customer base had realized a combined $5 billion in calculated savings through Coupa’s easy-to-use software and its capacity to bring an unprecedented amount of spend under management. Customers who achieved these record savings with Coupa, such as Silicon Valley Bank, Avalon Healthcare, and Marketo, shared their experiences with hundreds of other customers at the 2015 Coupa Inspire event in San Francisco.
- On the heels of these unprecedented levels of customer savings, attendance at Coupa Inspire in June tripled over the last two years, marking the largest gathering of Coupa customers and partners ever.
- The strength of Coupa’s partnerships – including suppliers, system integrators, resellers, and more – was reflected at Inspire by key sponsorships from strategic partners such as KPMG, Accenture, WIPRO, Deloitte, NetSuite and IBM. These partners recognize the value that Coupa delivers to shared customers and Coupa remains committed to strengthening these partnerships and continuing to revolutionize the spend management industry.
- In Q2, Coupa added to its impressive list of industry awards with key recognitions of its leadership among startups and in bringing to market innovative technologies. Specifically, Coupa was named to Red Herring’s prestigious Top 100 North America awards list, Spend Matters’ 50/50 list of Providers to Know and Always On’s OnFinance Top 100 private companies.
Expanded Solution Including Wearables and Machine Learning Capabilities
- In April, Coupa extended its true cloud Savings-as-a-Service to Apple Watch for fast requisition, invoice, and expense report approvals on-the-go. Coupa for Apple Watch delivers faster, more effective cloud spend management for B2B commerce.
- In June, Coupa announced SmarterTrip for Coupa Expense Management to monitor traveler behavior, predict expensing habits, and pre-populate expense reports. SmarterTrip delivers a virtual personal assistant for business travelers that can – after being activated by the user – record and predict items that should be expensed, then push notifications to a mobile app and Apple Watch to allow the traveler to expense the predicted items in seconds.
- In June, Coupa announced Release 13, a platform update that extends enterprise mobility, simplifies expense management, enhances touchless processing of e-invoices, and adds new features across the Coupa application suite and Coupa Open Business Network. Specifically, Release 13 includes Wearables Support, Enhanced Enterprise Security, and Expense Report App Updates.
About Coupa Software
Coupa Software enables businesses everywhere to recognize bottom-line financial success via Savings-as-a-Service. More than 500 customers doing business in over 100 countries use Coupa to support business agility and reduce costs. Only Coupa provides an organic suite of true cloud applications including accounts payable, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that starts within a few months and grows continually. Learn more at www.coupa.com. Read more at our company blog, Making Cents or follow @Coupa on Twitter