Welcome!

News Feed Item

Coupa Software Continues Accelerated Growth in Q1 2014

Cloud Financial Apps Leader Starts Year Strong With $40 Million in New Funding, New Partnerships, and 100% Revenue Growth in First Quarter

SAN MATEO, CA -- (Marketwired) -- 05/06/14 -- Coupa Software, a leader in enterprise cloud applications for finance, today announced its results for the first quarter of 2014 highlighted by 100% growth over Q1, 2013. Coupa achieved extraordinary results that will fuel future growth. The company raised an additional $40 million in funding, signed key new partnerships, and expanded the executive team.

"Humbled by the support of our growing global customer base, we're proud of our strong start to 2014," said Rob Bernshteyn, CEO of Coupa. "With the additional resources of our funding round and record revenues combined with our strategic partnerships we're well positioned to deliver true innovation with our SaaS platform and drive customer success as we continue to scale globally."

Q1 2014 Coupa highlights

  • Revenue: Coupa posted a 100% increase in revenue over Q1, 2013.
  • Renewals: Renewals exceeded 97% for the quarter.
  • New Partners: Coupa announced integration with Box and DocuSign to provide new functionality to the Coupa application suite. The company also announced a partnership with Alibaba.com wherein Coupa customers now have access to millions of additional suppliers directly from within the Coupa platform. Coupa also announced a partnership with Keboola to help customers aggregate their spend data from multiple systems into Coupa Analytics' intelligent reporting platform.
  • New Funding: Coupa bolstered its financial resources by raising a $40 million Series F investment round, bringing total investment in Coupa to $87.5 million to date. Meritech Capital led the funding round, with participation from Icon Ventures and Northgate Ventures. Existing investors Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures, and Blue Run Ventures also participated.
  • SAP Certification: The Coupa 11 suite of applications achieved SAP certification as powered by the SAP NetWeaver® technology platform. Coupa currently has 27 customers worldwide already integrating with SAP® solutions.
  • New Solutions: Coupa announced a new addition to its suite of applications; Coupa Inventory. Coupa Inventory helps companies eliminate redundant spend, streamline stock management, and gain actionable insights into their inventory. Coupa also announced the availability of Coupa Release 11 that includes over 60 new features across Coupa's application suite.
  • Supplier Growth: Coupa expanded its supplier base with the announcement of a partnership with Alibaba.com. Coupa customers can easily search for, find, and purchase directly from the millions of suppliers on Alibaba.com from within Coupa. This is in addition to the approximately one million suppliers already transacting with customers through Coupa.
  • INSPIRE 2014: Coupa hosted its annual INSPIRE user conference in San Francisco with over 1,000 registered customers, prospects, partners, industry analysts, and press.
  • Expanded Leadership Team: Coupa expanded its executive leadership team with the addition of Tom Aitchison, who joined the company as the new Executive Vice President of Global Sales. Aitchison, an accomplished sales veteran with a successful track record in managing sales organizations of high-growth companies, is responsible for expanding Coupa's rapid global growth worldwide.
  • Hiring: Coupa continued to aggressively hire to support its growth. In Q1 2014 Coupa's hiring increased substantially compared to the previous quarter. To support the demand for Coupa's financial solutions, the company will continue to expand the global team throughout the year.
  • Awards: Coupa received industry recognition in Q1, 2014 for both the company and its cloud solution. Coupa was named a winner in the "Best Places to Work in the Greater Bay Area" awards, presented by the San Francisco Business Times and Silicon Valley Business Journal. The company was also named as a finalist for the 2014 Software Information Industry Association (SIIA) CODiE Award in the Best Cloud Platform as a Service category.

Customer Momentum
Highlights of new customer wins in Q1 2014 include: Sonic Automotive, Memorial Sloan-Kettering Cancer Center, Teleperformance USA, Associated Materials, Shriners Hospitals for Children, Sentara Healthcare, Peverel Group Services, Apartment Investment and Management Company, Informatica Corporation, Genesys Telecommunications Laboratories, New York Medical College, Halcon Resources, Verallia, Bonanza Creek Energy, Sandvik AB, World Vision International, GCA Services Group, Brookdale Senior Living, Solarwinds Inc., Access Community Health Network, Availity, Golden Living, Quiksilver Inc., ClearChoice Dental, OLX Inc., Riot Games Inc., Ooyala Inc., and Cable and Wireless Caribbean.

Significant expansions occurred with Endurance International Group, D-Wave Systems Inc., Square Inc., Pandora Media, Groupon, FirstMerit Corporation, Vivint Inc., General Atlantic, and Avalon Health Care.

"We're looking forward to using the new features in Coupa Release 11. With just 6 months of data in our system, we've been successful on every front of implementation," said Dave Lorz, Senior Director Global Supply Chain of Greif Inc. "We're getting close to our monthly spend goal with almost 80% already managed with Coupa. And we've far exceeded the number of suppliers that we anticipated to have on the Coupa supplier network."

About Coupa Software
Founded in 2006, Coupa Software is a leader in enterprise cloud applications for finance with more than 400 customers headquartered in 40 countries around the globe. Only Coupa provides a suite of true cloud applications for finance, including procurement, expense management and accounts payable that allows customers to launch the solution immediately and quickly realize significant savings. Learn more at: coupa.com or call +1 (650) 931-3200. Read more at our company blog, Making Cents or follow @Coupa on Twitter.

Media inquiries:
Tom Carpenter
Grayling for Coupa Software
Email Contact
+1 415 442-4018

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...