Coupa Software Continues Accelerated Growth in Q1 2014
Cloud Financial Apps Leader Starts Year Strong with $40 Million in New Funding, New Partnerships, and 100% Revenue Growth in First Quarter
SAN MATEO, Calif. – May 6, 2014 – Coupa Software, a leader in enterprise cloud applications for finance, today announced its results for the first quarter of 2014 highlighted by 100% growth over Q1, 2013. Coupa achieved extraordinary results that will fuel future growth. The company raised an additional $40 million in funding, signed key new partnerships, and expanded the executive team.
“Humbled by the support of our growing global customer base, we’re proud of our strong start to 2014,” said Rob Bernshteyn, CEO of Coupa. “With the additional resources of our funding round and record revenues combined with our strategic partnerships we’re well positioned to deliver true innovation with our SaaS platform and drive customer success as we continue to scale globally.”
Q1 2014 Coupa highlights
- Revenue: Coupa posted a 100% increase in revenue over Q1, 2013.
- Renewals: Renewals exceeded 97% for the quarter.
- New Partners: Coupa announced integration with Box and DocuSign to provide new functionality to the Coupa application suite. The company also announced a partnership with Alibaba.com wherein Coupa customers now have access to millions of additional suppliers directly from within the Coupa platform. Coupa also announced a partnership with Keboola to help customers aggregate their spend data from multiple systems into Coupa Analytics’ intelligent reporting platform.
- New Funding: Coupa bolstered its financial resources by raising a $40 million Series F investment round, bringing total investment in Coupa to $87.5 million to date. Meritech Capital led the funding round, with participation from Icon Ventures and Northgate Ventures. Existing investors Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures, and Blue Run Ventures also participated.
- SAP Certification: The Coupa 11 suite of applications achieved SAP certification as powered by the SAP NetWeaver® technology platform. Coupa currently has 27 customers worldwide already integrating with SAP® solutions.
- New Solutions: Coupa announced a new addition to its suite of applications; Coupa Inventory. Coupa Inventory helps companies eliminate redundant spend, streamline stock management, and gain actionable insights into their inventory. Coupa also announced the availability of Coupa Release 11 that includes over 60 new features across Coupa’s application suite.
- Supplier Growth: Coupa expanded its supplier base with the announcement of a partnership with Alibaba.com. Coupa customers can easily search for, find, and purchase directly from the millions of suppliers on Alibaba.com from within Coupa. This is in addition to the approximately one million suppliers already transacting with customers through Coupa.
- INSPIRE 2014: Coupa hosted its annual INSPIRE user conference in San Francisco with over 1,000 registered customers, prospects, partners, industry analysts, and press.
- Expanded Leadership Team: Coupa expanded its executive leadership team with the addition of Tom Aitchison, who joined the company as the new Executive Vice President of Global Sales. Aitchison, an accomplished sales veteran with a successful track record in managing sales organizations of high-growth companies, is responsible for expanding Coupa’s rapid global growth worldwide.
- Hiring: Coupa continued to aggressively hire to support its growth. In Q1 2014 Coupa’s hiring increased substantially compared to the previous quarter. To support the demand for Coupa’s financial solutions, the company will continue to expand the global team throughout the year.
- Awards: Coupa received industry recognition in Q1, 2014 for both the company and its cloud solution. Coupa was named a winner in the “Best Places to Work in the Greater Bay Area” awards, presented by the San Francisco Business Times and Silicon Valley Business Journal. The company was also named as a finalist for the 2014 Software Information Industry Association (SIIA) CODiE Award in the Best Cloud Platform as a Service category.
Highlights of new customer wins in Q1 2014 include: Memorial Sloan-Kettering Cancer Center, Teleperformance USA, Associated Materials, Shriners Hospitals for Children, Sentara Healthcare, Peverel Group Services, Apartment Investment and Management Company, Informatica Corporation, Genesys Telecommunications Laboratories, New York Medical College, Halcon Resources, Verallia, Bonanza Creek Energy, Sandvik AB, World Vision International, GCA Services Group, Brookdale Senior Living, Access Community Health Network, Availity, Golden Living, Quiksilver Inc., ClearChoice Dental, OLX Inc., Riot Games Inc., Ooyala Inc., and Cable and Wireless Caribbean.
Significant expansions occurred with Endurance International Group, D-Wave Systems Inc., Square Inc., Pandora Media, Groupon, FirstMerit Corporation, Vivint Inc., General Atlantic, and Avalon Health Care.
“We’re looking forward to using the new features in Coupa Release 11. With just 6 months of data in our system, we’ve been successful on every front of implementation,” said Dave Lorz, Senior Director Global Supply Chain of Greif Inc. "We’re getting close to our monthly spend goal with almost 80% already managed with Coupa. And we've far exceeded the number of suppliers that we anticipated to have on the Coupa supplier network.”
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 on the Coupa Blog or follow @Coupa on Twitter.