|By Business Wire||
|August 12, 2014 08:04 AM EDT||
Coupa Software, the leading provider of cloud-based spend management solutions for finance, today announced its Q2 2014 results, highlighted by a 100 percent increase in revenue over Q2 2013 and record attendance at Coupa’s annual INSPIRE Conference. Additionally, the company has now posted 22 quarters of sequential subscription revenue growth.
“Coupa has enjoyed such consistent growth because of the unique partnership we forge with our customers in driving measurable business results,” said Rob Bernshteyn, CEO of Coupa. “We’re deeply proud of our position as the industry’s leader in cloud-based financial applications and extremely thankful to our growing worldwide customer base. Together, we are reimaging our industry and delivering real, measurable business value.”
Q2 2014 Coupa highlights include:
- Revenue growth: 100 percent revenue increase over Q2 2013.
- Renewal rates: More than 99 percent renewal rate.
- Record customer go-lives: More than 20 Coupa customers went live during the second quarter in North America, Asia and EMEA. These record results reflect the rapid deployment and ease-of-use benefits of Coupa’s cloud-based platform and showcase the company’s ability to maintain top-of-class customer success standards as it scales rapidly across the globe.
- Industry leadership: Coupa was recognized as a leader in May 2014 in “The Forrester Wave™: eProcurement Q2 2014” report issued by Forrester Research Inc. The leading analyst firm gave Coupa the highest scores for both Current Offering and Strategy.
- Awards recognition: Coupa was recognized with a number of industry awards including AlwaysOn Global 250, AlwaysOn OnDemand Top 100, CFO Forum Best Suppliers of 2014, Best Places to Work in the Greater Bay Area by the San Francisco Business Times and Silicon Valley Business Journal, and was named finalist in the SIIA CODiE Awards Best Cloud Platform as a Service and in the 2014 Stratus Awards.
- Business partners: Coupa gained significant traction through Alliance Partners, signing new customers with each and opening a new partnership with EXL. Also, NetSuite recognized the Coupa Cloud Procurement and Expense Management Suite with ‘Built for NetSuite’ verification.
- New solutions: Coupa released to market a new inventory application and Release 11 with more than sixty new enhancements focused on driving measurable customer success.
- Innovation: Coupa added to its IP portfolio in the second quarter as the US Patent and Trademark Office awarded Coupa a new patent in the area of ‘Shopping at e-commerce sites within a business procurement application.’
- Hiring: Coupa continued to aggressively hire to support its growth. In Q2 2014 Coupa’s hiring increased substantially compared to the previous quarter. The company will continue to expand the global team throughout the year, with significant investments in European markets to meet growing demand.
Key Customer Wins
Coupa customer wins in Q2 2014 include Juniper, Royal Ahold, Aggregate Industries UK, YRC, Medecision, Remedi Seniorcare, Knight Capital Group, Peloton Cycle, Power Integrations, United Church Homes, Flagstar Bancorp and Vesta.
Existing Customer Ad-ons
Significant expansions occurred with Brookdale, AppNexus, Adidas Latin America, Quiksilver, Digital Realty Trust, and Aircraft Service International Group while an additional 39 customers bought some additional product.
About Coupa Software
Coupa Software is the leading provider of cloud-based financial applications. More than 425 customers headquartered in over 40 countries use the Coupa suite of financial applications to support business agility and reduce costs. Only 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: coupa.com or call +1 (650) 931-3200. Read more at our company blog, Making Cents or follow @Coupa on Twitter.
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