Coupa’s Cloud Spend Management Solutions Gain Momentum with Significant Customer Uptake
96% subscription renewal rate, enterprise go-lives and new product enhancements propel the company into Q3
SAN MATEO, CA – Coupa Software, the leading provider of disruptive and innovative cloud spend management (CSM) solutions, today announced significant momentum spanning customer implementations, user adoption, new product enhancements and new customer acquisitions.
Coupa has experienced an astonishing 96% subscription renewal rate from active customers, with nearly 20% of revenue resulting from add-on seats to current customers expanding their deployments across their organizations. This includes accelerated adoption of the recently launched expense management product. With a single platform for managing business purchasing and expense reimbursement processes, Coupa is consistently delivering on its promise to provide companies with a smarter way to control spending – regardless of whether that spending originates with purchase orders or employee expenses.
Spend through the Coupa platform has increased by 351% year-over-year, and in the quarter ended June 30th, new annual subscription revenue increased 401% over the same period in the prior year. New customers include Michaels Stores, Greatwide Logistics Services, Vertis Communications, Williams-Sonoma, iPass and many others.
A number of companies across a wide spectrum of industries have recently gone live on the Coupa platform, including Berkshire Bank, UCSB, Diagnostic Health, Graham Packaging Company, and PGi (formerly Premier Global). These companies evaluated the top spend management offerings and determined that Coupa was the best overall solution for delivering powerful business management functionality that would map to their existing processes and workflow.
“Prior to Coupa, our procurement processes were highly manual. Coupa provides greater visibility into, and control over, our spending,” said Dee Harnish, Purchasing Project Manager at Berkshire Bank. “Now we have full automation from requisition to invoicing, with tight integration into our back-end financial systems. Employees are using the solution, and the feedback has been universally positive. A key benefit is that Coupa provides audit trails which track our approvals to ensure that we comply with regulatory requirements. Additionally, Coupa helps us identify savings opportunities by using the tool to effectively analyze our spend.”
Further, a number of these customer deployments feature robust integrations with the leading ERP systems from SAP, Oracle and PeopleSoft. Integrating Coupa’s intuitive and easy-to-use cloud application to complex, on-premise legacy ERP systems is just another example of how Coupa is innovating to change enterprise software.
“Our goal is to remain laser focused on providing our customers the best possible procurement and expense management solutions, whether it be by offering new features, insight and data on how they and their counterparts are spending, or further integrating our system into their existing processes and workflows,” said Rob Bernshteyn, CEO of Coupa. “We’re absolutely thrilled with the uptake of adoption, proof that enterprises across the board are thirsty for a more intelligent, cost-effective and fast way to manage corporate spending.”
In April the company released the first insights from its Cloud Spend Management Network. This is the first of an ongoing series of Coupa data releases to highlight corporate spending trends, analysis and benchmarking to compare a company’s performance against that of others who are transacting through the Coupa platform. As the only true multi-tenant cloud-based company in the industry, the ultimate vision for the Cloud Spend Management Network is to become an index of corporate spending across all categories.
Coupa has also been recertified for SaaS 70 Type II Audit, reinforcing the security, strength and scalability of its software-as-a-service (SaaS) infrastructure.
About Coupa Software
Coupa is the leading provider of disruptive and innovative cloud spend management (CSM) solutions that help companies control their indirect spending and generate savings that go direct to the bottom line. Coupa combines the best e-procurement and expense management capabilities in a single solution that is easier to use, faster to configure and deploy, and more cost-effective than anything available today. With deep domain knowledge in e-procurement and expense management, a best-in-class cloud computing platform, a fast-growing community of customers, and industry-first innovations like real-time benchmarking, intelligent expense report auditing, and crowd sourcing great deals on the Web, Coupa is leading the way in helping companies spend smarter and save more. Learn more at: coupa.com or call 650.931.3200. Read more on the Coupa Blog, or follow @Coupa on Twitter.
Berkshire Bank — America’s Most Exciting BankSM – is the largest locally headquartered regional bank. The Bank has $2.7 billion in assets and provides services through 40 branch offices in Massachusetts, New York, and Vermont.