Coupa Posts Another Record Year As Revenues And Customer Adoption Soar
Triple-digit Revenue Growth in FY2011 Highlights Demand For Cloud-based e-Procurement Software
SAN MATEO, Calif. – January 17, 2012 – Coupa Software, the leading provider of innovative cloud spend optimization software that enables customers to reduce expenses and maximize profitability, today announced record-breaking sales, customer acquisitions and usage for fiscal year 2011.
2011 was another banner year for Coupa, with tremendous growth across the board in revenue, customers, spend under management and global expansion. 2011 revenues increased by more than 120 percent while users of the software also rose 100 percent.
“We are thrilled with our record revenue and customer growth,” said Rob Bernshteyn, CEO of Coupa. “It validates that the procurement and finance industries need a cloud-based solution that delivers real measurable results like Coupa does. In 2012, our customers will continue to inspire us to develop tools that help them spend responsibly.”
“The rapid adoption of Coupa in the market is indicative of how enterprises are embracing the cloud to get quick time-to-value from their applications,” said Constantine G. Limberakis, senior research analyst at the Aberdeen Group. “Coupa is a breath of fresh air for companies looking for an alternative to traditional procurement and expense management platforms that require long implementation times and extensive training. Essentially, Coupa has cracked the code on usability based on a walk-up user interface approach. I view this as a major reason for their accelerated growth and continued success.”
“We needed clear visibility into our spend and procure-to-pay processes,” said Matthew O’Malley, Procurement & Sourcing manager, Journal Communications. “We selected Coupa from an exhaustive list of providers because Coupa is the only procurement solution that makes it simple for our employees to use while providing clear visibility into our spend and processes.”
Key highlights from Coupa’s fiscal 2011 include:
Revenue: FY2011 revenue grew by more than 120 percent during FY2010, maintaining Coupa’s lead as one of the fastest-growing cloud software providers.
Annual Contract Value: Coupa’s new annual contract value has increased sequentially for the past 12 quarters, proving the accelerating demand for its innovative cloud spend management offering.
Customer Transactions: Coupa enjoyed accelerated customer growth as enterprises worldwide rushed to adopt an easy-to-deploy cloud procurement solution instead of traditional enterprise applications such as Ariba, Oracle and SAP. Total subscription sales transactions for 2011 totaled 152, with a healthy mix of new customers and add-on seats or modules.
- 2011 customer highlights included: Subway/IPC, Home Retail Group, Molina Healthcare, BNP Paribas, Ministry Health Care, Colliers International, B&H Photo, Savient Pharmaceuticals, Universal Music Group, Endo Pharmaceuticals and many others.
- A Q4 customer highlight was Toyota Motor Sales U.S.A., Inc. (TMS) subscribing to Coupa’s spend management platform after a rigorous selection process. TMS selected Coupa because of its superior usability and scalability, prerequisites for ensuring wide adoption and spend under management. Coupa’s culture and bold vision in the spend management space was also a key reason that TMS wanted to engage in a long-term results-oriented business relationship.
Usage: Spend through the Coupa Cloud Spend Management platform grew at a rate of 150 percent year over year, with the Smarter Expense Management module adoption alone growing at more than 900 percent.
Renewals: Coupa reported strong customer loyalty, as evidenced by its greater than 90 percent subscription renewal rate.
Adoption and Usage: Active users of the Coupa cloud software grew by approximately 100 percent, proving ease of use and value.
Global Reach: Coupa added 10 new languages to the platform, supporting the numerous global deals completed in the second half of 2011. Additionally, Coupa expanded its global presence with new offices in the United Kingdom.
Employees: Coupa experienced massive expansion in 2011 to meet the growing demand for its solution worldwide. The company relocated to larger headquarters in San Mateo, California to accommodate its 100 percent employee growth rate.
Product Expansion: In 2011, Coupa unveiled numerous product announcements. The most significant were the Coupa Spring ’11 release, introducing customers to new features and advancements, and the Coupa Spend Optimizer, which offers advanced spend analytics for everyone across organizations, including finance, line of business and procurement, to maximize their spend power with easy-to-access reports.
About Coupa Software
Founded in 2006, Coupa Software is the leader in cloud-based spend optimization software. Over 200 customers in 40 countries use Coupa purchasing and procurement software to amplify their spend power and reduce spending costs up to 11%. 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