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Coupa Achieves Record Customer and Business Success with Savings-as-a-Service PlatformCoupa Software, the world's leading provider of cloud-based spend management solutions, today disclosed a number of key performance metrics that mark 2014 as a milestone year. The company's exceptional revenue growth, customer acquisition and retention rate, global scaling, and expanding portfolio of solutions and partners reflect rising demand and deepening market penetration.
"This was a banner year for Coupa as we continued to work tirelessly in reimagining the spend management space, with a laser focus on business value for our customers," said Rob Bernshteyn, CEO of Coupa. "We are deeply humbled by our customers' willingness to roll up their sleeves and work hand-in-hand with us to achieve real measurable success for their operations around the world." Coupa Adds an Average of Two Customers Per Week in 2014 A record number of customers subscribed to the Coupa cloud platform in 2014. New customers spanned vertical industries and ranged from mid-enterprise to Global 1000, including Aldridge Electric, APEI, Appfolio, Apptio, Ausdrill, AVG Technologies (News - Alert), Colas, Drillsearch, Hollister, Highmark Health, Lookout, LCMC Health, Southcentral Foundation, Royal Bank of Canada, Swiss Re, Technicolor (News - Alert), Veolia and others. Customers cited ease of use, economies of scale, immediate user adoption, reduced TCO and unprecedented ROI as primary reasons for working with Coupa. Sanofi conducted an extensive 150-person evaluation of competing solutions before launching Coupa in three countries and across two SAP (News - Alert) instances in 2014. Sanofi is now planning a rollout to its operations in an additional 70 countries. "I wish we would have gone bigger sooner," said Jean-Philippe Collin, Chief Procurement Officer of Sanofi. "The launch of the project has been a huge success." Expanded Suite of Solutions to Meet Customer Demand Coupa is meeting demand by continually building out its full suite of globally compliant spend management solutions ranging from procurement, sourcing, invoicing, open business network, expense management and inventory. Coupa's new inventory application combined with its best-in-class procure-to-pay platform builds upon the Coupa for Healthcare offering and delivers an industry solution that meets complex requirements and sensitive data needs. Strong Renewals and Continued Installed Base Expansion Customer renewals averaged more than 98 percent and hundreds of existing Coupa customers added on to their Coupa platform during the year, including Adidas Latin America, BNP Paribas North America, Concentrix, Molina Healthcare, NNIT A/S, Freeport-McMoran Oil and Gas and others. Coupa users are rapidly adding products and seats because of the ease of integration and consumer-like experience for employees and suppliers. Total spend managed on Coupa grew more than 100 percent in 2014 as compared to 2013. Industry Record-Breaking Time-to-Value and Billions in Savings For the more than 70 customers that went live in 2014, Coupa's customers averaged a go-live time of four months. This rapid implementation and quick employee adoption translates directly into bottom-line savings for Coupa customers. EMEA Emerges as Fastest-Growing Market Coupa also grew its worldwide operations significantly in 2014 as EMEA became Coupa's fastest-growing region. New operations were established in Dublin, Frankfurt and Paris. Asia Pacific and Latin America also demonstrated strong demand. The company substantially augmented sales, marketing, service ad development organizations to meet the global customer demand in these regions. "At Aggregate Industries, we're 100 percent focused on delivering solutions that our business requires to continuously improve our operational performance," said Gerard Cantwell, Director of Procurement at Aggregate Industries, a Coupa EMEA customer. "Partnering with companies like Coupa, who make savings and efficiencies a priority, helps us keep Aggregate Industries focused on our true operational needs as we continue to rapidly grow." $40 Million Injection of New Funding Coupa raised an additional $40 million in March, bringing its total venture funding to $87.5 million to date. Meritech Capital led the round, with participation from Icon Ventures, Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures and Blue Run Ventures. Strengthening Board and Leadership team Coupa also appointed new senior leaders and expanded its board of directors to scale the business and keep up with international demand:
Industry Leadership Coupa was recognized as a leader by analyst firms, business press and industry entities in 2014:
Global Partnerships Expand Reach As global enterprises seek to extract value from their existing ERP implementations, including Oracle (News - Alert), SAP and Netsuite, or innovate from existing Spend Management processes, Coupa's partnerships with global systems integrators and consultancies add volume and strength to Coupa's go-to-market initiatives.
"As we head into an even more exciting 2015, we're deeply proud of our position as the industry's leader in cloud-based spend management and optimization, and extremely thankful to our growing worldwide customer base," said Bernshteyn. For more information about Coupa, please visit www.coupa.com. About Coupa Software Coupa Software enables businesses everywhere to recognize bottom-line financial success via Savings-as-a-Service. More than 500 customers headquartered in over 40 countries use Coupa to support business agility and reduce costs. Only Coupa provides an organic suite of true cloud applications including accounts payable, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that starts within a few months and grows continually. Learn more at www.coupa.com. Read more at our company blog, Making Cents or follow @Coupa on Twitter. #
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