SAN MATEO, Calif., Jan. 7 /PRNewswire/ -- Coupa Software, developer of the category-disrupting e-procurement solution for business leaders dissatisfied with purchasing applications that either sit on the shelf or underperform in delivering expected savings, today announced record results for 2009:
- 270% increase in recurring software revenue in 2009
- Sequential growth of new bookings each quarter
- Nearly triple the number of organizations procuring goods and services through Coupa, soaring well past the 100-customer milestone
- Tenfold increase in spend through the Coupa e-procurement platform
- 96% renewal rate of existing customers
"I expect this Internet savvy e-procurement company to change the way procurement is done online," said Mickey North Rizza, Research Director at AMR Research. "Coupa is definitely one to watch in 2010."
New customers include businesses of all sizes, affirming the universal appeal of the Coupa e-Procurement platform, in both domestic and foreign markets. Among the dozens of new customers signed in 2009 are organizations as varied as Chubb Insurance, Tesco, The South Financial Group, The Limited, Flextronics, ON24, Websense, Taleo, Appleton Paper, Better World Books, Woodruff Arts Center, Prospect Education, and California Academy of Sciences.
They join a growing group of organizations that have been wildly successful with their Coupa implementations. Here is what a few of them had to say about Coupa:
- "There is nothing in the market that fits big company purchasing power capabilities in something that is completely affordable down to the smallest company." - Wilbur Ellis
- "We did the implementation with no consultants." - Kelly Services
- "It allowed our people to be much more productive, a lot more effective at what we are doing, and I got the reporting I need out of it." - Entertainment, Inc.
- "It's so much easier than what we were doing before." - Grand Canyon University
- "It saves a lot of people time and energy." - Constellation Pharmaceuticals
- "My IT department was not involved at all. They love that." - Phoenix Coyotes
- "I love Coupa! I sing Coupa's praises." - Neediest Kids
Leading the e-Procurement Category with Product Innovation
As the only true multi-tenant software-as-a-service (SaaS) e-procurement solution, Coupa distinguishes itself from the competition with unmatched usability and disruptive innovations. New high-impact features introduced in 2009 include:
- Benchmarking and dashboards that allow organizations to quantify, from transactional data, the savings they generate, and benchmark their performance against the Coupa customer community for eighteen different key performance indicators, including savings as a percentage of spend and average requisition approval time.
- Coupa iRequest, a revolutionary innovation that empowers users to requisition virtually any item from virtually any website, often at greatly discounted prices, without sacrificing the control of an approval workflow and hierarchy. With Coupa iRequest, employees can take initiative and crowdsource greater savings for the company.
- Coupa Quickstart, a setup wizard that visually guides purchasing managers through the setup process for users, approval rules, payment and shipping terms, billing information, chart of accounts, suppliers, and more. With Quickstart, e-Procurement deployments are faster and more successful than other alternatives.
Coupa's growth, innovation and vocal customer successes attracted wide industry attention in 2009. Coupa was named a winner of the Best of SaaS Showplace (BoSS) award from THINKStrategies, and included on JMP Securities' Hot 100: Best Privately Held Software Companies list.
Unparalleled Cloud Computing Performance
Coupa's e-Procurement solution is delivered entirely on-demand. Proving that cloud-based applications are every bit as reliable and scalable as premise-based applications behind the firewall, Coupa achieved uptime performance of greater than 99.99% for the year, including 100% for the last four months of the year. In addition, Coupa achieved SAS 70 Type I and II certifications in 2009, a significant accomplishment for any SaaS solution provider.
As part of its expansion, Coupa recruited and hired senior executives in 2009. New CEO Rob Bernshteyn (formerly global vice president of product marketing and management at SuccessFactors) joined in January and Executive Vice President of Sales Gary Hanna (formerly executive vice president enterprise sales at Salesforce.com) joined in May. Coupa also raised $7.5M in a Series C funding round in August led by new investor El Dorado Ventures (EDV). Existing investors Battery Ventures and Blue Run Ventures also participated in the round.
"In a tough economy where organizations are looking for ways to spend smarter and save money, Coupa's innovative, and cost-effective cloud based spend management platform has delivered," added Rob Bernshteyn, CEO of Coupa Software. "We are excited to see customers of all sizes and industries embrace Coupa; and we are committed to their success in achieving ongoing real bottom line impact for their organizations."
About Coupa Software
Coupa is the leading on-demand provider of solutions that control and streamline purchasing for organizations large and small. Coupa e-Procurement delivers an easy to use, fast to deploy and affordable solution for requisitioning, approval management, purchase orders, RFQs, inventory and invoicing, with no hardware to buy or software to license. With deep domain knowledge in e-procurement, a best-in-class software-as-a-service platform, and a fast-growing community of customers doing business with over 35,000 suppliers, Coupa enables smarter spending practices that empower companies to save money quickly. For more information please visit, http://www.coupa.com or call 650.931.3200.
Media Contact: Jason Hekl Coupa Software 650.931.3200
SOURCE Coupa Software Media