[November 04, 2015] |
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Coupa's Continued Customer Growth Fuels Record Revenues in Q3 2015
Coupa Software (News - Alert) announced today a new quarterly record in company revenue
in Q3 2015. Coupa's focus on creating consumer-like, cloud-based, spend
management and expense management software that employees across the
organization want to use has fueled record results, driven by extreme
focus on measurable customer success.
Propelled by enterprise demand for both consumer-driven innovations and
true cloud-based technologies, Coupa achieved yet another consecutive
quarter of customer subscription revenue growth, setting yet another new
record for the company. Customers across the globe including Michael
Kors and Dental Corporation of Canada chose Coupa for its
industry-leading spend management and expense management solutions, fast
deployment, ease-of-use and track record of generating savings.
Recognizing that simplicity and flexibility are critical to achieving
full software adoption across employees and suppliers alike, Coupa in Q3
announced two key acquisitions to extend the reach and differentiation
of Coupa's spend management and expense management software. These
acquisitions - TripScanner and InvoiceSmash - bring more freedom to
business travel booking, accounts payable, and e-invoicing, in turn
bringing an even greater proportion of spend under management for
customers.
"Companies across the globe are increasingly recognizing the value of
bringing the entirety of their spend under management - and the value of
doing so by deploying software that reflects the consumer-driven
innovations employees have come to expect," said Rob Bernshteyn, CEO of
Coupa. "Our customers are achieving real business success with our
industry-leading cloud-based solutions, preparing them for whatever
conditions the market throws their way. It is those real, measurable
savings we drive for our customers that will continue to propel our
leadership position in the industry."
Q3 2015 Business Highlights
Industry-Leading Customers Turn to Coupa to Deploy
Savings-as-a-Service and Realize Billions in Savings
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In Q3 2015, new customers from across North America, EMEA, Latin
America and Asia Pacific turned to Coupa to deploy the industry's
leading spend management and expense management software. Citing
unprecedented capacity for user adoption across the employee and
supplier base - as well as reduced total cost of ownership (TCO) and
track record of saving billions - customers such as Quantum (News - Alert) Murray,
Michael Kors, Arizona State Credit Union, Dental Corporation of
Canada, OVO Energy, Oberthur, and CEVA selected Coupa over other
market players.
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These new customers join industry-leading companies such as Juniper
Networks, American Express (News - Alert) Global Business Travel, Salesforce.com, and
Con-way. Today, Coupa customers process more than $120B through the
Coupa solution, which has resulted in a calculated savings of more
than $5 billion.
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The size and scope of the deals with these customers grew at record
levels throughout 2015, a direct result of the cost savings Coupa's
software is able to generate for customers.
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In Q3, Coupa was recognized for its continued rapid growth by being
named to Inc. 5000 List of America's Fastest-Growing Private Companies
for the second consecutive year.This adds to Coupa's impressive list
of industry awards and reflects the proof of the measurable success
that Coupa generates for its customers.
Strategic Acquisitions Expand the Breadth of Next Generation Expense
and Travel Management Differentiators for Coupa
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In July, Coupa acquired
New York-based travel company TripScanner to further modernize
business travel. With this acquisition, Coupa continued to extend its
industry-leading Expense Management solution by simplifying business
travel and bringing greater freedom to travel booking.
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Also in July, Coupa acquired
Australian-based InvoiceSmash, a cloud innovator pushing the
technology boundaries of accounts payable and e-invoicing solutions.
InvoiceSmash's cloud-based technology features innovative closed-loop
learning capabilities that will be built into Coupa's Invoicing
Solution to instantly convert emailed invoices from suppliers into the
digital format required for the buyer's accounts payable process.
Record Global Business Expansion Fueled by New Hires and Executives
in Key Regions
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To support its growing customer base in regions globally, Coupa chose
Paris to host its second annual European customer conference. The
event brought together more than 500 finance professionals,
procurement leaders and industry analysts, and built upon the
record-breaking success of Coupa's Inspire US event in June.
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Europe represents one of Coupa's fastest growing regions, thanks to
constant innovations to align with European regulatory, financial, and
customer needs.
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Coupa continues to invest heavily in growth opportunities across the
globe, including an increase in staff across Europe. Coupa Senior Vice
President of Customer Success & Service Delivery, Ravi Thakur,
recently relocated to London to drive customer success across Europe
and manage Coupa's rapidly growing presence in the region.
Solidified Leadership Position with Coupa Advantage Program Expansion
to Benefit both Customers and Suppliers
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More new customers went live on the Coupa Advantage Program across 13
categories. These customers are realizing up to 34 percent savings
thanks to negotiated rates, fee-free participation, and a simple user
interface.
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Suppliers such as Mimeo and Transportation Impact joined the ranks of
Coupa Advantage suppliers in Q3, which meets more customer needs
including marketing materials, on-demand print, and even small package
shipping audit and discounting tools.
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Coupa's industry leadership was on display at key events in Q3,
including ProcureCon, where eight of Coupa's industry-leading
customers spoke or hosted roundtables to define best practices. In
addition, Coupa's vice president of strategy and market development,
Gabe Perez, presented on the evolution of the CPO.
Expanding Executive Bench and Partner Base to Provide Even More
Resources to Drive Customer Success
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Building on momentum in working with industry-leading CIOs to rapidly
deploy its cloud-based solutions, in Q3 Coupa hired Kendra Von Esh,
former CIO of Veolia, as senior strategic advisor. In her role, Kendra
brings her experience and understanding of the challenges and
obstacles CIOs today face to help equip them across industries with
the resources, knowledge, and community to successfully navigate the
rapidly shifting world of the CIO.
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In Q3, to continue to meet the demands of a rapidly growing customer
base, Coupa continued to extend its partner program with training and
resources to include dedicated training for partners representing
partner organizations.
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Coupa's global customer base continues to demand and adopt the strong
integration capabilities with partners such as ADP, NetSuite (News - Alert), and
Orbitz. In order to expand its capacity to deliver upon this important
customer need, Coupa in Q3 continued to build out its alliances teams
in EMEA, APAC, and LatAm.
About Coupa Software
Coupa Software enables businesses everywhere to recognize bottom-line
financial success via Savings-as-a-Service. More than 500 customers doing
business in over 100 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104005279/en/
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