|By Business Wire||
|January 15, 2013 07:05 AM EST||
Coupa Software, 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 consecutive year.
“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 2012.
- 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 Coupa “The 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.), The Weather Channel Interactive (U.S.), SquareTrade (U.S.) The ServiceMaster Company (U.S.), Bourne Leisure Holdings Limited (U.K.), Spotify (Sweden), NEC 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 growing needs.
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 line.”
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, 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.