SAN MATEO, Calif.--(BUSINESS WIRE)--Coupa Software, the world’s leading provider of cloud-based spend management solutions, today announced the closing of an $80 million investment round led by funds and accounts advised by T. Rowe Price Associates, Inc. and Iconiq Capital, with participation from Premji Invest. Existing investors Crosslink Capital, Battery Ventures, El Dorado Ventures and Rally Ventures also participated, and Qatalyst Partners served as the exclusive placement agent to Coupa in the transaction.
This round’s backers join the list of previous investors, which include Meritech Capital Partners, Mohr Davidow Ventures and Blue Run Ventures, and brings Coupa’s total capital raises to more than $165 million in aggregate.
A pioneer of pure play cloud spend management solutions, Coupa will use the new capital infusion to fuel continued expansion of its global operations, grow sales, support and marketing worldwide, and increase product development to meet the evolving needs of global enterprises.
“This financing allows Coupa to continue investing in our go-to-market capacity and further expand our market-leading product portfolio and cloud innovations,” said Rob Bernshteyn, CEO of Coupa. “With our cloud spend management solutions we are redefining the value software should deliver to businesses and changing how customers define success from enterprise software solutions. We’re thrilled to have this roster of investors backing us as we grow our leadership and continue bringing our unique Savings-as-a-Service offering to the world’s most successful companies.”
“Coupa has established a leadership position in cloud solutions for spend management with a platform that’s agile enough to support everything from procurement, invoicing and sourcing to expense management, inventory, storefront and beyond,” said Tom Watson, equity research analyst at T. Rowe Price Associates, Inc. "Our opinion is that Coupa has demonstrated an ability to create business value for their customers and respective suppliers with an Open Business Network approach and Savings-as-a-Service offering. In our view, Coupa is creating a disruptive force in the market with cloud innovations that are helping to redefine the value enterprise software delivers to businesses.”
Validating the Opportunity for Coupa and Cloud Spend Management
The market opportunity for Coupa and cloud spend management solutions to add strategic business value to enterprise organizations continues to scale. In the same way B2C commerce has moved at light speed, Coupa is taking the reins in consumerizing B2B commerce for companies and suppliers alike.
Coupa pioneered the market for cloud-based spend management and remains a leading pure play cloud provider offering an Open Business Network free of supplier fees. Leading analyst firms, including Gartner, Inc. and Forrester Research have recognized Coupa’s leadership in the space:
- In April 2015, Gartner named Coupa a leader in its Magic Quadrant for Procure-to-Pay Suites for Indirect Procurement based on its “ability to execute” and “completeness of vision.”
- Coupa also was named a leader in the “The Forrester Wave™: eProcurement Q2 2014” report with the strongest competitive position on “strategy” and “current offering.”
Savings-as-a-Service Drives Real Business Value to Customers
Coupa was founded with a singular focus — delivering real, measurable customer success. With its vision for Savings-as-a-Service, Coupa is redefining the standards of success in the enterprise software industry with cloud spend management solutions that drive business value.
With the ultimate goal of saving enterprises money in order to boost profitability, earnings per share, and stock price, Coupa’s cloud platform and suite of financial solutions deliver quantifiable, hard dollar savings results that lead to bottom line impact. Customers using Coupa may realize up to 11 percent savings on their overall spend. They also gain the following benefits from our Savings-as-a-Service offering:
- Rapid time to value and savings realized typically occurs within 4-6 months of starting to use Coupa
- Consumerized user experience that drives greater user adoption
- Increased real-time visibility and control of spend across a global enterprise
- Purchase orders and invoices processed in days instead of weeks or months
- More than 1 million daily transactions occur through the Coupa application suite
- More than $120 billion in spend has passed through Coupa’s spend platform to date; adding up to nearly $5 billion in estimated savings for Coupa’s customers.
Adding Value to All ERP Systems
Regardless of ERP or number of ERP instances, Coupa implementations drive hard dollar savings and unprecedented efficiencies in invoicing and accounts payable within days versus traditional time to value of months and years. Coupa strategically extends the value to ERP systems by providing real-time visibility into the way today’s mobile global workforce operates and spends from purchase orders through expense and travel management. There’s a growing business imperative to streamline these financial applications, while gaining more visibility, control and compliance on a global basis.
Robust Partner Ecosystem
Coupa continues to partner with and leverage the world’s leading systems integrators and technology vendors to extend its Savings-as-a-Service reach and impact. Coupa and our partners, including KPMG, IBM, Wipro, Accenture, Deloitte and PwC are revolutionizing the way businesses spend and grow their bottom lines.
About Coupa Software
Coupa Software is the leading provider of cloud-based financial applications. More than 500 customers in over 40 countries, including Sanofi, Salesforce.com, BNP Paribas North America, NEC, Royal Bank of Canada, Swiss Re, and Highmark Health use the Coupa suite of financial applications to support business agility and reduce costs. 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 www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.