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Coupa, a company that offers cloud services for managing invoices, expenses, inventory, and procurement, today filed preliminary paperwork to go public, revealing plans to raise $75 million. The company intends to trade on the NASDAQ Global Market under the symbol COUP. Joint bookrunners for the deal include Morgan Stanley, JP Morgan, Barclays, RBC Capital Markets, JMP Securities, and Raymond James.

Unlike other finance management software vendors, Coupa directs its internal salespeople to go after companies and organizations with more than 1,000 employees. Coupa’s biggest legacy competitors include Oracle and SAP.

In the quarter that ended on July 31, Coupa produced a $12.4 million net loss on $31.1 million in revenue, according to today’s S-1 filing. Revenue for that quarter was up 66 percent year over year. Most of the company’s revenue comes from subscription services; the rest comes from Coupa’s “professional services and other” category. “We have a history of cumulative losses, and we do not expect to be profitable for the foreseeable future,” the company warns.

Coupa was founded in 2006 by Oracle veterans Noah Eisner and Dave Stephens. The company had 590 employees and 460 customers as of July 31. Customers include Box, the Container Store, Sanofi, and Salesforce. Investors include T. Rowe Price, Blue Run Ventures, Battery Ventures, Crosslink Capital, El Dorado Ventures, Iconiq Capital, Mohr Davidow Ventures, Northgate, Premji Invest, and Rally Ventures.


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Coupa was on our list of 36 tech companies that could go public in 2016. Other 2016 technology IPOs include Line, Talend, and Twilio.

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