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
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...