|[January 15, 2013]
Record 2012 Results Confirm Coupa's Market Leadership in Spend Management
SAN MATEO, Calif. --(Business Wire)--
Coupa Software (News - Alert), the leading provider of cloud-based spend
optimization solutions, today announced its 2012 results,
highlighted by more than 100 percent revenue growth for the fourth
"Q4 marked the end of an exceptional year for Coupa," said Rob
Bernshteyn, CEO of Coupa. "Our growth trajectory continues largely
because Coupa takes a unique approach. Unlike traditional software
companies, our measures of success aren't installing and maintaining
software. As a cloud service, we are driven by delivering real value to
our customers and helping them realize significant savings on their
spend in record time."
Q4 and 2012 Coupa highlights include:
Revenue: Coupa delivered annual revenue growth in excess of 100
percent. Q4 2012 revenue also grew more than 100 percent over Q4 2011.
Q4 2012 revenue grew more than 40 percent over Q3 2012.
Renewals: Over the past 16 quarters, Coupa has maintained
incredibly consistent contract renewal rates that have been upwards of
90 percent. In Q4 2012, contract renewal rates were at 94 percent.
Platform Growth: Spend through the platform more than tripled
in 2012 over 2011.
New Partners: Coupa is the most partner-friendly company in the
industry and worked to bring on more than 50 new ecosystem partners in
Employees: Coupa increased its employee base worldwide in 2012
by more than 70 percent during 2011 and is continuing
to hire. To support burgeoning demand for spend optimization
solutions, the company opened an office in Chicago, Reno, Nev., and
will open a second office in San Mateo, Calif., later this month.
Industry Recognition: In 2012, The Wall Street Journal named
Next Big Thing." In Q4 2012, Coupa was ranked No. 115 on Deloitte's
Technology Fast 500™, was recognized as a "fastest-growing
company" by BestinBiz
2012 and was selected by PayStream Advisors as a Technology
Excellence Award winner.
Supplier Milestone: Coupa enabled more than 650,000 worldwide
suppliers, creating a global supplier ecosystem.
Customer wins in Q4 2012 included Jo-Ann
Stores Inc. (U.S.), < rel="nofollow" href="http://cts.businesswire.com/ct/CT id=smartlink&url=http%3A%2F%2Fwww.weather.com%2F&esheet=50531575&lan=en-US&anchor=The+Weather+Channel+Interactive&index=8&md5=283b4f2779f26cceedb51d17f1a29fef">The
Weather Channel Interactive (U.S.), SquareTrade
ServiceMaster Company (U.S.), Bourne
Leisure Holdings Limited (U.K.), Spotify
Europe Ltd. (U.K.) and NNIT
(Denmark), among others.
As the largest specialty retailer of fabrics and crafts in the United
States with approximately 790 stores in 49 states, Jo-Ann Stores Inc.
needed a spend optimization solution that would meet its current and
Tom Dryer, vice president, controller for Jo-Ann Stores said, "We looked
at several solutions, and determined that Coupa was the best fit to
provide us with a complete solution and seamless integration with our
existing financial systems. We look forward to working with Coupa to
achieve our goals of managing our spend and contributing to the bottom
Existing customers like The
Blackstone Group L.P. (U.S.), Toronto-Dominion
(TD) Bank (Canada), Toyota
Motor Sales, U.S.A. Inc., Kelly
Services Inc. (U.S.), RealNetworks
Inc. (U.S.), Journal
Communications Inc. (U.S.) and Salesforce.com
(U.S.) experienced such great success with the Coupa platform that they
decided to grow their implementations to further optimize their spend.
"Our implementation experience with Coupa was excellent - one of the
best we've had with any of our more than 20 cloud vendors," said Chris
Lavoie, director, application development and ERP at Enterasys
Networks, Inc. "We looked closely at
SAP (News - Alert), and briefly at other offerings in the space, before choosing Coupa,
which fit our cloud-first strategy and offered a full-featured platform.
We have had great success with Coupa and dramatically reduced our
requisition approval cycle time by more than 300 percent while
increasing our spend volume as compared to our previous solution."
"We chose the Coupa platform specifically over Ariba and others like
Ariba due to the supplier pay model," said Hyrum Kirton, vice president
of procurement for Avalon
Health Care, Inc. "Our company needed a
solution that was all-inclusive and would incentivize the company to use
it as much as possible without the supplier or ourselves incurring any
additional fees. We have successfully implemented the solution with some
complex suppliers that supply health care-related items that in some
cases are matters of life and death."
Finally, in Q2 2012, Coupa raised $22 million in a Series
E funding round, led by new investor, Crosslink Capital. The funding
is being used to fuel global expansion, and as of Q4 2012, Coupa reached
more than 300 customers worldwide.
About Coupa Software
Founded in 2006, Coupa Software is the leading provider of cloud-based
spend optimization software. More than 300
customers in 40 countries use the Coupa purchasing
and procurement software to amplify their spend power and reduce
spending costs up to 11 percent. Only Coupa provides a true cloud
procurement application that enables customers to launch the solution
rapidly and quickly realize significant savings. Learn more at: http://www.coupa.com
or call 650.931.3200. Read more at our company blog, Making
Cents, or follow @Coupa on Twitter (News - Alert).
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