Coupa’s Strong Growth Accelerates Into 2012
13th Consecutive Quarter of Record First Year Bookings Growth Highlights Company’s Trajectory As a Dominant Leader In Cloud Spend Optimization
SAN MATEO, Calif., Apr 05, 2012 -- Coupa Software, the leader in cloud spend optimization software, today announced a highly successful first quarter in 2012, extending the growth momentum announced at the end of 2011 and citing a 130% percent rise in Annual Contract Value this quarter over the prior year’s quarter.
“Q1 2012 officially marked our 13th consecutive quarter of new annual contract value growth,” said Rob Bernshteyn, CEO of Coupa. “Our success is directly attributed to our growing enterprise customer base and reflects the surging demand for an intuitive, cloud-based solution that helps businesses gain visibility and control over all areas of spend. Our customers depend on Coupa to create a culture of responsible spending, and we expect continued demand as we look ahead to Q2.”
Due to its ease-of-use which drives end user adoption and ultimately greater savings, Coupa has attracted large enterprises to its customer roster during Q1 2012 that include: Amerinet, Avalon Health Care Group, Citizens Republic Bancorp, Inc., Corbus, LLC, Gannett Co., Inc., and Service Corporation International. Additionally, Coupa’s Q1 2012 customer highlights reflect the company’s strong international reach: Colliers International (implementing Coupa in Canada and the United States) and Quiznos India.
Key highlights from Coupa’s fiscal 2011 success story include:
-- Annual Contract Value (ACV): Coupa not only posted a record ACV quarter (its 13th consecutive quarter of new ACV growth), but also increased new ACV by more than 130 percent in Q1 2012 vs. Q1 2011.
-- Usage: Spend through the Coupa Cloud Spend Management platform grew at a rate of 80 percent over Q1 2011. Active users of the software increased by approximately 85 percent, proving the ease-of-use and value that customers now expect from Coupa’s cloud-based solution.
-- Renewals: Coupa reported continued strong customer loyalty, as evidenced by its greater than 95 percent subscription renewal rate.
-- New Partners: Joining the Coupa family as new partners were: KPMG LLP (global alliance), IBM (global alliance), Xchanging (global Business Process Outsourcing partner) and Xoomworks (EMEA regional partner).
-- Product Expansion: Coupa unveiled its Winter tech ’12 announcement in Q1 2012, which included a host of new features, including Universal Search, and incorporated other innovations that increase usability and help to promote a culture of responsible spending.
-- Employees: In order to continue meeting the growing demand for its solution worldwide, Coupa increased its employee base by 62 percent, compared to Q1 2011. Additionally, Coupa added Mark Verbeck as the new CFO to the executive team.
-- Awards: In addition to the above achievements, Coupa attained industry recognition for leading the cloud software market, including: San Francisco Business Times’ Best Places to Work in the Bay Area, AlwaysOn OnDemand Top 100 Company and TMC Cloud Computing Excellence Award.
“In my opinion, the simple genius of Coupa is that they came up with a usability philosophy designed to maximize the transactional capture of spend throughout an enterprise with a single system -- indirect, direct, services or otherwise,” said Jason Busch, managing director, Spend Matters Group. “Coupa’s market leading growth rate is no surprise.”
About Coupa Software
Founded in 2006, Coupa Software is the leader in cloud-based spend optimization software. More than 200 customers in 40 countries use Coupa purchasing and procurement software to amplify their spend power and reduce spending 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: www.coupa.com or call (650) 931-3200. Read more at our company blog, the Coupa Cabana, or follow @Coupa on Twitter.