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Coupa Software Accelerates Momentum As Companies Intensify Efforts To Control Spending
San Mateo, CA, May 06, 2009 (PRWeb.com via COMTEX) --
Coupa Software, the developer of industry-leading, category-disrupting Web-based spend management solutions, reported breakthrough growth for the first quarter of 2009. Companies of all sizes, eager to improve spend management and budgeting practices, are contacting Coupa in record numbers.
Customer Base Jumps
Coupa added 14 new customers during the quarter and increased the scope of services on more than ten additional existing customers. The company now boasts over 80 customers, organizations of all sizes that reflect a cross-section of American business, including new customers such as Flextronics, Salesforce.com, Taleo, Wilbur-Ellis, and The Catholic Archdiocese of St. Louis. User count at existing customers increased 30 percent during the quarter, demonstrating widespread adoption of the Coupa solution throughout customer organizations. Customer retention rates continue to top 90 percent.
"Coupa is unique. There is nothing else in the market that fits big company purchasing power and capabilities into something that is completely affordable down to the smallest company," said Rick Cahoon, Enterprise Support Manager for Wilbur-Ellis. "Coupa was the right choice for Wilbur-Ellis. We are very happy with our decision."
Spend Through and Other Metrics Rise As Well
Spending through Coupa's e-procurement platform (http://www.coupa.com/) increased 850 percent over Q1 2008, and is on pace to grow even faster through 2009.
Coupa introduced several innovations in Q1, its sixth product release in twelve months, including:
-- Coupa Quickstart (http://www.coupa.com/e-procurement/innovations/quickstart/) - Coupa Quickstart is a visual setup wizard that makes it possible to issue your first purchase order in as little as an hour;
-- Coupa Mobile Approver (http://www.coupa.com/e-procurement/innovations/coupa-mobile-approver/) - Coupa's new Mobile Approver is the only requisition tool available on the Apple iPhone;
-- Coupa Supplier Network (http://www.coupa.com/e-procurement/innovations/supplier-network/) - Coupa Supplier Network enables businesses of all sizes to do business with suppliers of all sizes.
"Coupa is committed to making e-procurement software that is easier to use, faster to deploy, and more cost-effective than anything the world has seen before," said Rob Bernshteyn, CEO of Coupa Software. "Our record bookings in Q1 are a testament to the value we bring to the market, and foreshadow an even more exciting future. New crowd sourcing innovations currently under development will turn the industry on its head, and excite executives looking for an alternative to the tired solutions that have consistently under-delivered on the great promise of e-procurement."
About Coupa Software
Coupa is the leading on-demand provider of solutions that control and streamline purchasing for organizations of all sizes. Coupa e-Procurement delivers a simple, quick and affordable solution for requisitioning, purchase orders, RFQs, inventory and invoicing, with no hardware to buy or software to license. With deep domain knowledge in e-procurement, a best-in-class software-as-a-service platform, a network of more than 2,300 suppliers, and a fast-growing community of customers, Coupa enables smarter spending practices that allow companies to save money quickly. For more information please visit, http://www.coupa.com or call 650.585.6306.
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Read the full story at http://www.prweb.com/releases/2009/05/prweb2390654.htm.
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