Coupa's Tremendous Growth in Q2 Bolsters Company's Standing as Worldwide Leader in Spend Optimization
Company Shows 100% Revenue Increase and Important Milestones in Q2 2013, including Coupa's Global User Conference, Product Innovations, Strategic Acquisition, and Award Recognitions
SAN MATEO, Calif.--(BUSINESS WIRE)-- Coupa Software, the leading provider of cloud-based spend management solutions for finance, today announced its Q2 2013 results, highlighted by a 100 percent increase in revenue over Q2 2012 and record attendance at Coupa's annual INSPIRE Conference. Additionally, the company has now posted 18 quarters of sequential subscription revenue growth.
"Coupa has enjoyed such constant growth because of the unique partnership we forge with our customers in driving measurable business results," said Rob Bernshteyn, CEO of Coupa. "Our global expansion and position as the industry's leader in cloud-based financial applications have been reinforced by a number of company milestones in just this past quarter alone, and our achievements underline the fact that we provide companies with the most powerful applications to increase compliance, efficiency, and visibility."
Q2 2013 Coupa highlights include:
More Than a 100 Percent Revenue Increase: Coupa delivered quarterly revenue growth in Q2 2013 that was in excess of 100 percent over Q2 2012.
More Than a 100 Percent Renewal Rate: In Q2 2013, contract renewal rates were in excess of 100 percent.
Record attendance at Coupa INSPIRE Conference: Exemplifying Coupa's worldwide expansion, the company's annual global user conference had over 500 attendees and presenters from globally recognized brands, such as Coca-Cola Bottlers Consolidated, KPMG, and IBM.
Announcement of New Sourcing Application: Coupa announced Coupa Sourcing, a new pre-integrated application to the organically developed suite. The new application allows companies to bring savings to new areas by simplifying the competitive bidding process.
Acquisition of Xpenser: With the acquisition of Xpenser, Coupa broadened its expense management expertise and accelerated its development in that application area.
AlwaysOn Global 250 Winner: Coupa was selected from thousands of domestic and international technology companies, and recognized for its innovations, market potential, commercialization, stakeholder value, and media buzz.
Named "Cool Vendor" by Gartner: Recognized in Gartner's May 2, 2013 report titled Cool Vendors in Procurement and CLM, 2013, Coupa was recognized for a second year in a row for its innovations and continued product advancements using the latest cloud technologies.
Coupa customer wins in Q2 2013 included Greif, Dillards, Think Money in the UK, Brandeis University, KIXEYE, Corsair, Specific Media, and Schools First Federal Credit Union. Add-on deals included Adidas, Gree, The Weather Channel, Smile Brands, General Atlantic, Vivint, Responsys, Intermedia, Square, and Atlassian.
"I had the opportunity to address the attendees at the Coupa INSPIRE Conference as a professional who is passionate about how companies manage, spend, and save money," said Jason Busch, Managing Director, Spend Matters. "Sourcing and procurement professionals are increasingly looking for breakthrough approaches to streamline and gain visibility of purchases and expenses, and ultimately, drive bottom-line, budgeting hitting impact. With its rapidly expanding suite of products and unique perspective on capturing as much spend as possible, Coupa is changing the ability of companies to impact spending and compliance. Their continuous global expansion underlines their position as the fastest growing provider, by customer count, in the sector."
"As our company grew, we needed to automate our procurement procedures and looked for a partner with a sustainable process," said Mike Ziebell, Director of Procurement for Intermedia. "With Coupa the adoption and implementation process were seamless, and almost immediately we realized savings. Coupa has captured the power of the cloud, and its full suite of financial applications have enabled us to become more cost-effective and increase efficiency."
About Coupa Software
Founded in 2006, Coupa Software is the leading provider of cloud-based spend optimization software. More than 350 customers in 40 countries use the Coupa suite of cloud applications to amplify their spend power and reduce spending costs up to 11 percent. Only Coupa provides a true suite of cloud applications for finance, including procurement, expense management and accounts payable that enables customers to launch the solution immediately 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.
for Coupa Software
Tom Carpenter, 415-902-4495
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The article Coupa's Tremendous Growth in Q2 Bolsters Company's Standing as Worldwide Leader in Spend Optimization originally appeared on Fool.com.
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