[August 12, 2014] |
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Coupa Posts Breakthrough Second Quarter on Global Expansion
SAN MATEO, Calif. --(Business Wire)--
Coupa Software (News - Alert), the leading provider of cloud-based spend management
solutions for finance, today announced its Q2 2014 results, highlighted
by a 100 percent increase in revenue over Q2 2013 and record attendance
at Coupa's annual INSPIRE Conference. Additionally, the company has now
posted 22 quarters of sequential subscription revenue growth.
"Coupa has enjoyed such consistent growth because of the unique
partnership we forge with our customers in driving measurable business
results," said Rob Bernshteyn, CEO of Coupa. "We're deeply proud of our
position as the industry's leader in cloud-based financial applications
and extremely thankful to our growing worldwide customer base. Together,
we are reimaging our industry and delivering real, measurable business
value."
Q2 2014 Coupa highlights include:
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Revenue growth: 100 percent revenue increase over Q2 2013.
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Renewal rates: More than 99 percent renewal rate.
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Record customer go-lives: More than 20 Coupa customers went
live during the second quarter in North America, Asia and EMEA. These
record results reflect the rapid deployment and ease-of-use benefits
of Coupa's cloud-based platform and showcase the company's ability to
maintain top-of-class customer success standards as it scales rapidly
across the globe.
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Industry leadership: Coupa was recognized as a leader in May
2014 in "The
Forrester Wave™: eProcurement Q2 2014" report issued by Forrester (News - Alert)
Research Inc. The leading analyst firm gave Coupa the highest scores
for both Current Offering and Strategy.
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Awards recognition: Coupa was recognized with a number of
industry awards including AlwaysOn
Global 250, AlwaysOn
OnDemand Top 100, CFO
Forum Best Suppliers of 2014, Best
Places to Work in the Greater Bay Area by the San Francisco Business
Times and Silicon Valley Business Journal, and was named finalist
in the SIIA
CODiE Awards Best Cloud Platform as a Service and in the 2014
Stratus Awards.
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Business partners: Coupa gained significant traction through
Alliance Partners, signing new customers with each and opening a new
partnership with EXL. Also, NetSuite (News - Alert) recognized the Coupa Cloud
Procurement and Expense Management Suite with 'Built
for NetSuite' verification.
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New solutions: Coupa released
to market a new inventory application and Release 11 with more
than sixty new enhancements focused on driving measurable customer
success.
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Innovation: Coupa added to its IP portfolio in the second
quarter as the US Patent and Trademark Office awarded Coupa a new
patent in the area of 'Shopping at e-commerce sites within a business
procurement application.'
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Hiring: Coupa continued to aggressively hire to support
its growth. In Q2 2014 Coupa's hiring increased substantially compared
to the previous quarter. The company will continue to expand the
global team throughout the year, with significant investments in
European markets to meet growing demand.
Key Customer Wins
Coupa customer wins in Q2 2014 include Juniper, Royal Ahold, Aggregate
Industries UK, YRC, Medecision, Remedi Seniorcare, Knight Capital Group,
Peloton Cycle, Power Integrations (News - Alert), United Church Homes, Flagstar Bancorp
and Vesta.
Existing Customer Ad-ons
Significant expansions occurred with Brookdale, AppNexus, Adidas Latin
America, Quiksilver, Digital Realty Trust, and Aircraft Service
International Group while an additional 39 customers bought some
additional product.
About Coupa Software
Coupa Software is the leading provider of cloud-based financial
applications. More than 425
customers headquartered in over 40 countries use the Coupa suite of
financial applications to support business agility and reduce costs.
Only Coupa provides a suite of true cloud applications for finance,
including accounts payable, sourcing, procurement and expense management
that allows customers to realize a return on their investment within a
few months and savings that continually impact the bottom line. Learn
more at: coupa.com
or call +1 (650) 931-3200. Read more at our company blog, Making
Cents or follow @Coupa
on Twitter.
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