Global Cloud Leader Marks 23rd Consecutive Quarter of Subscription Revenue Growth; Grows Revenue by 100 Percent
SAN MATEO, Calif.–(BUSINESS WIRE)–November 12, 2014–
Coupa Software, the leading provider of cloud-based spend management solutions for finance, today announced its Q3 2014 results, highlighted by a 100 percent increase in revenue over Q3 2013, record customer deployments and a record renewal rate. The company has now posted 23 quarters of sequential subscription revenue growth.
“Our third quarter was an exciting time as our investments in global expansion and product innovation came together to deliver measurable business results for our customers and record performance for our company,” said Rob Bernshteyn, CEO of Coupa. “We’re deeply proud of our position as the industry’s leader in cloud-based spend management and optimization and extremely thankful to our growing worldwide customer base. Together, we are reimagining our industry, with a tireless focus on delivering real, measurable business value.”
Q3 2014 Coupa highlights include:
- Revenue growth: 100 percent revenue increase over Q3 2013.
- Renewal rate: 100 percent renewal rate.
- Record customer go-lives: More than 25 customer implementations were completed during the third 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.
- EMEA expansion: In August, Coupa announced the opening of a new European customer support hub in Dublin, Ireland. In October, Coupa announced significant traction across its EMEA operations, including record signings, nine new strategic partnerships and further regional expansion in Paris, France and Coupa Deutschland GmbH in Frankfurt, Germany. The additions are key elements of Coupa’s growth plans and will accelerate the cloud-enabled streamlining of financial processes for businesses based in Europe, helping them save millions.
- Industry leadership: Coupa hosted a successful series of customer conferences during the quarter. Coupa INSPIRE EMEA hosted over 200 customers and industry leaders in London, with Global 1000 customers as well as KPMG, Deloitte, Accenture and NetSuite in attendance. Coupa also hosted its One Vision roadshow series, convening Coupa experts, customers, prospects and industry visionaries in events in Chicago, New York, Toronto and Zürich.
- Awards recognition: Coupa was named to the Inc. 500 list for 2014. Coupa’s debut on the annual list was highlighted by revenue growth of 1,023 percent between 2010 and 2013.
- Business partners: Coupa gained significant traction through alliance partners, signing new customers with each. In October, Coupa and NetSuite (NYSE:N) announced a strategic partnership to jointly market the Coupa Cloud Procurement and Expense Management SuiteApp built for NetSuite, opening significant new channels for both companies.
- Innovation: Coupa announced significant full-suite enhancements in Release 12. Coupa Release 12 disrupts traditional supplier business network concepts to further consumerize business-to-business transactions between buyers and suppliers, creating efficiencies and eliminating costs while meeting the most stringent regulations for global invoicing, dynamically and with minimal user intervention.
- Board and Leadership team: Coupa added key leadership expertise with the hiring of Tara Ryan as chief marketing officer as well as naming industry veteran Roger Siboni to the company’s Board of Directors.
- Hiring: Coupa continued to aggressively hire to support its growth, with current headcount reaching above 300 for the first time. 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 Q3 2014 include Liberty Global Services, Banner Health, the Parsons Corporation, the Leukemia & Lymphoma Society, BankUnited, Kipp Charter Schools, ONEX Corporation, California Water Service Company, TMNA Services, Rapid7, Veterinary Specialty Hospital, New Relic and others.
Existing Customer Add-ons
Significant expansions occurred with Brookdale Senior Living, Adidas Latin America, Riot Games, Inc., BNP Paribas North America, Woodward, Inc., Freeport-McMoran Oil and Gas, Concentrix, Remedi Seniorcare of Maryland, LLC, Atlassian, Inc., Intermedia, Inc. and others.
About Coupa Software
Coupa Software is the leading provider of cloud-based financial applications. More than 450 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.
Grayling for Coupa Software
Trafton Kenney, +1 415-490-3583
Trafton.kenney@grayling.com
