Coupa's Growth Velocity Continues IN Q2 With 14th Sequential Quarter of Record Growth
Series E Funding, Major Customer Wins Fortify Leadership Position In Cloud Spend Optimization Market
SAN MATEO, Calif. – July 17, 2012 – Coupa Software, the leader in cloud spend optimization software, today announced Q2 2012 results, highlighted by a 185 percent increase in the amount of spend through its platform, compared to Q2 2011. Further illustrating the momentum, Coupa posted its 14th sequential quarter of growth in new annual contract value.
To fund growth, Coupa completed a $22 million Series E round of funding in May, led by new investor Crosslink Capital. Venture capital firms Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures continued their commitment to Coupa by also participating in the round.
“Our growth and our latest round of funding have put Coupa in a great position to accelerate our expansion,” said Rob Bernshteyn, CEO of Coupa. “Our recent customer wins are also a testament to the value of our platform, which helps companies spend responsibly. We’re empowering companies to lead the charge from within to control spend and improve their bottom line.”
“Our circumstances at Adidas Latin America were complex, because we use different languages and currencies. Coupa struck the right balance between standardization and customization, and complemented our existing ERP system while allowing visibility into our spend at a regional level,” said Christian Bader, head of IT at Adidas Latin America. “We were able to fully implement Coupa in just a short six weeks with everything we needed: procure-to-pay, budgets, contracts and reporting functionality.”
Other highlights highlighting Coupa’s velocity include:
- New Customers: Coupa Software added Coca Cola Bottling, Orbitz, AAA Insurance, Exelis, General Atlantic, Cadence Design Systems, Amerinet, Atlassian, GREE, Hanger Orthopedics and many others.
- Annual Contract Value (ACV): Coupa Software posted yet another record ACV quarter with 126 percent growth over Q2 FY 2011 of last year.
- Usage: Spend through the Coupa Software platform grew more than 185 percent over the prior year’s quarter, and almost 75 percent over Q1 2012. The number of users in the system grew by more than 128 percent compared to the same quarter last year.
- Renewals:Customer renewal rate continued at a robust rate of 95 percent.
- New Partners:Coupa Software added a host of new partners, including: Amerinet, Citibank P2P, Procurian, The Hackett Group and Stretch.
- Employees: In order to meet the growing demand for its solution worldwide, Coupa increased its employee base by more than 20 percent from Q1 2012, and is continuing to hire as the company furthers its growth. Additionally, Coupa added both Roger Goulart as vice president of Business Development and Alliances and Raja Hammoud as vice president of Product Management to its executive team.
- Awards: Coupa continued to garner industry awards, being named a Best Place to Work in the Bay Area in Q2 2012.
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.