Unparalleled Leadership in Cloud Spend Management Propels Customer Success and Year-Over-Year Growth
SAN FRANCISCO–(BUSINESS WIRE)–November 4, 2015–
Coupa Software announced today a new quarterly record in company revenue in Q3 2015. Coupa’s focus on creating consumer-like, cloud-based, spend management and expense management software that employees across the organization want to use has fueled record results, driven by extreme focus on measurable customer success.
Propelled by enterprise demand for both consumer-driven innovations and true cloud-based technologies, Coupa achieved yet another consecutive quarter of customer subscription revenue growth, setting yet another new record for the company. Customers across the globe including Michael Kors and Dental Corporation of Canada chose Coupa for its industry-leading spend management and expense management solutions, fast deployment, ease-of-use and track record of generating savings.
Recognizing that simplicity and flexibility are critical to achieving full software adoption across employees and suppliers alike, Coupa in Q3 announced two key acquisitions to extend the reach and differentiation of Coupa’s spend management and expense management software. These acquisitions – TripScanner and InvoiceSmash – bring more freedom to business travel booking, accounts payable, and e-invoicing, in turn bringing an even greater proportion of spend under management for customers.
“Companies across the globe are increasingly recognizing the value of bringing the entirety of their spend under management – and the value of doing so by deploying software that reflects the consumer-driven innovations employees have come to expect,” said Rob Bernshteyn, CEO of Coupa. “Our customers are achieving real business success with our industry-leading cloud-based solutions, preparing them for whatever conditions the market throws their way. It is those real, measurable savings we drive for our customers that will continue to propel our leadership position in the industry.”
Q3 2015 Business Highlights
Industry-Leading Customers Turn to Coupa to Deploy Savings-as-a-Service and Realize Billions in Savings
- In Q3 2015, new customers from across North America, EMEA, Latin America and Asia Pacific turned to Coupa to deploy the industry’s leading spend management and expense management software. Citing unprecedented capacity for user adoption across the employee and supplier base – as well as reduced total cost of ownership (TCO) and track record of saving billions – customers such as Quantum Murray, Michael Kors, Arizona State Credit Union, Dental Corporation of Canada, OVO Energy, Oberthur, and CEVA selected Coupa over other market players.
- These new customers join industry-leading companies such as Juniper Networks, American Express Global Business Travel, Salesforce.com, and Con-way. Today, Coupa customers process more than $120B through the Coupa solution, which has resulted in a calculated savings of more than $5 billion.
- The size and scope of the deals with these customers grew at record levels throughout 2015, a direct result of the cost savings Coupa’s software is able to generate for customers.
- In Q3, Coupa was recognized for its continued rapid growth by being named to Inc. 5000 List of America’s Fastest-Growing Private Companies for the second consecutive year. This adds to Coupa’s impressive list of industry awards and reflects the proof of the measurable success that Coupa generates for its customers.
Strategic Acquisitions Expand the Breadth of Next Generation Expense and Travel Management Differentiators for Coupa
- In July, Coupa acquired New York-based travel company TripScanner to further modernize business travel. With this acquisition, Coupa continued to extend its industry-leading Expense Management solution by simplifying business travel and bringing greater freedom to travel booking.
- Also in July, Coupa acquired Australian-based InvoiceSmash, a cloud innovator pushing the technology boundaries of accounts payable and e-invoicing solutions. InvoiceSmash’s cloud-based technology features innovative closed-loop learning capabilities that will be built into Coupa’s Invoicing Solution to instantly convert emailed invoices from suppliers into the digital format required for the buyer’s accounts payable process.
Record Global Business Expansion Fueled by New Hires and Executives in Key Regions
- To support its growing customer base in regions globally, Coupa chose Paris to host its second annual European customer conference. The event brought together more than 500 finance professionals, procurement leaders and industry analysts, and built upon the record-breaking success of Coupa’s Inspire US event in June.
- Europe represents one of Coupa’s fastest growing regions, thanks to constant innovations to align with European regulatory, financial, and customer needs.
- Coupa continues to invest heavily in growth opportunities across the globe, including an increase in staff across Europe. Coupa Senior Vice President of Customer Success & Service Delivery, Ravi Thakur, recently relocated to London to drive customer success across Europe and manage Coupa’s rapidly growing presence in the region.
Solidified Leadership Position with Coupa Advantage Program Expansion to Benefit both Customers and Suppliers
- More new customers went live on the Coupa Advantage Program across 13 categories. These customers are realizing up to 34 percent savings thanks to negotiated rates, fee-free participation, and a simple user interface.
- Suppliers such as Mimeo and Transportation Impact joined the ranks of Coupa Advantage suppliers in Q3, which meets more customer needs including marketing materials, on-demand print, and even small package shipping audit and discounting tools.
- Coupa’s industry leadership was on display at key events in Q3, including ProcureCon, where eight of Coupa’s industry-leading customers spoke or hosted roundtables to define best practices. In addition, Coupa’s vice president of strategy and market development, Gabe Perez, presented on the evolution of the CPO.
Expanding Executive Bench and Partner Base to Provide Even More Resources to Drive Customer Success
- Building on momentum in working with industry-leading CIOs to rapidly deploy its cloud-based solutions, in Q3 Coupa hired Kendra Von Esh, former CIO of Veolia, as senior strategic advisor. In her role, Kendra brings her experience and understanding of the challenges and obstacles CIOs today face to help equip them across industries with the resources, knowledge, and community to successfully navigate the rapidly shifting world of the CIO.
- In Q3, to continue to meet the demands of a rapidly growing customer base, Coupa continued to extend its partner program with training and resources to include dedicated training for partners representing partner organizations.
- Coupa’s global customer base continues to demand and adopt the strong integration capabilities with partners such as ADP, NetSuite, and Orbitz. In order to expand its capacity to deliver upon this important customer need, Coupa in Q3 continued to build out its alliances teams in EMEA, APAC, and LatAm.
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.
Orlando De Bruce, O 650-485-8629
Global Public Relations