Coupa Software Soars As Company Posts Record Results For 2013
Financial Cloud Apps Leader Exceeds 100% Revenue Growth for Fifth Consecutive Year, while bringing a record number of customers live on the Coupa platform.
SAN MATEO, Calif. – February 11, 2014 Coupa Software, the leading provider of cloud-based financial solutions, today announced its 2013 results, highlighted by more than 100 percent revenue growth for five consecutive years. Coupa achieved extraordinary results across the business including signing a major alliance agreement with KPMG, growing its international customer base across Europe, Latin America and Asia Pacific and launching new vertical market solutions.
“It was another exceptional year for Coupa and our customers,” said Rob Bernshteyn, CEO of Coupa. “We’re proud that our focus on measurable customer success drives results for Coupa. These results enable us to continue listening, investing, delivering, and serving our customers and their organizations.”
Q4 and 2013 Coupa highlights
- Revenue: Coupa posted a more than 100 percent increase year over year.
- Renewals: Renewals exceeded 95% for the year.
- New Partners: Coupa successfully expanded its partner relationships globally in 2013. The company inked major alliance agreements with KPMG UK and KPMG Australia. Accelerated sales growth continued with Coupa’s other alliance partners Accenture, Deloitte, IBM, and KPMG US. The number of Coupa partners grew by 30% in 2013 with over 140 companies now providing additional value to the Coupa ecosystem.
- New Solutions: Coupa released Coupa 9 and Coupa 10, which included major enhancements across the suite of applications. For example, Coupa Sourcing was announced at its INSPIRE user conference in 2013. Coupa also released five new industry solutions tailored for specific markets: financial services, food and beverage, healthcare, high technology, and retail.
- Acquisitions:The acquisition of Xpenser helped expand Coupa's offering. All key innovations from Xpenser have already been fully re-coded into Coupa's organic suite of applications built in Ruby on Rails. These enhancements include new corporate card data exchange and reporting, a new API for easy integration with corporate travel booking solutions, a new partnership and full integration with Orbitz For Business, and a new mobile expense application for iPhone & Android.
- Global Expansion in Q4: Coupa expanded to Latin America to fulfill growing demand in that region. The largest customer of note was the Colombian Government - Colombia Compra Eficiente (Buy Efficient Colombia) who selected Coupa to help achieve their goal of saving $1 billion in the next two years.
- selected Coupa to help achieve their goal of saving $1 billion in the next two years. Supplier Growth: During 2013, Coupa increased the number of suppliers enabled by over 50% to over 800,000; extending a global ecosystem and reducing customers’ costs even further by providing more easy, no-fee options for suppliers.
- Employees: Coupa increased its employee base worldwide in 2013 by more than 70 percent and is continuing to hire. To support the demand for Coupa’s cloud-based financial solutions, the company will continue to expand the global team.
- Industry Recognition: In Q4 2013, Coupa was awarded the Silicon Valley Business Application Award for Finance Solutions.
Highlights of new customer wins in Q4 2013 include: the Colombian Government, Associated Banc-Corp, Concentrix, Exeter Finance, ARC Document Solutions, DrillSearch Energy Limited, D-Wave Systems, Kateeva, Marketo, Qualys, Barney & Barney, and Econet Telecom Lesotho.
Existing Coupa customers that added additional applications from the Coupa suite of solutions included: Adidas Group Latin America, Al-Elm Information Security, Grand Canyon University, Pandora Media, QVC, Square, Vistaprint, and the San Diego Zoo.
Customers On Coupa
“From our perspective, the winning feature from Coupa is customer commitment,” said Gavin Johnston, Vice President of Finance and Procurement for NEC EMEA. “In terms of cost, commitment, and the system roadmap, Coupa has the best success story. It also makes a big difference that Coupa is able to offer a true cloud solution, compared to a hosted solution. Coupa’s cloud solution is very significant because there are big differences from a technological standpoint, access and cost.”
“The numerous benefits that Coupa affords will undoubtedly allow us to reach record savings and cost avoidance year-after-year at the area level, the local level, and for NPL as a whole, “ said Ron Turnbow, Director of Supply Chain, NPL Construction.
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.