SAN MATEO, Calif.--(EON: Enhanced Online News)--Coupa Software, the leading provider of cloud solutions for finance, today announced third quarter 2013 results, highlighted by a 100 percent increase in revenue and subscription renewals over Q3 2012, and the launching of five new vertical market solutions. Additionally, the company has posted 19 quarters of sequential subscription revenue growth.
“With our customers’ input and support, we’ve launched five new industry specific solutions this quarter that have been very well received. Our main focus continues to be helping our customers achieve success at spend optimization with our unified cloud suite.”
“Coupa had another exceptional quarter, as our accelerated global growth continued,” said Rob Bernshteyn, chief executive officer, Coupa. “With our customers’ input and support, we’ve launched five new industry specific solutions this quarter that have been very well received. Our main focus continues to be helping our customers achieve success at spend optimization with our unified cloud suite.”
Key highlights from the quarter include:
- Revenue increased more than 100 percent. Coupa delivered quarterly revenue growth in Q3 2013 that was in excess of 100 percent over Q3 2012
- Customer renewal rate remains at approximately 100 percent. Contract renewal rates for Q3 2013 were approximately 100 percent
- One Vision Roadshow. Coupa completed a global roadshow tour though San Francisco, Columbus, Raleigh, Chicago, London, Toronto, New York, Dallas, and Sydney drawing well over a thousand attendees
- New vertical market solutions. Coupa delivered five new vertical market solutions with specific configurations and support: retail, financial services, high tech, healthcare, food & beverage
- Expanded executive management team. JP Krishnamoorthy was hired as Vice President of Engineering, previously at Oracle
- Coupa release 10. The latest update of the award-winning Coupa suite now offers automated accounts payable reconciliation, new expense reporting capabilities for managing corporate cards, and an enhanced invoicing interface
- Partner News. Major firms partnering with Coupa sponsored the One Vision roadshow including: Deloitte, KPMG and Orbitz for Business
Highlighted Coupa customer wins: U.S. Department of Homeland Security, Interline Brands, Inc., eircom, Ltd., TPG Capital, Vail Resorts Management Company, Al-Elm Security Company, Box, Inc., Endurance International Group, East African Telecom, Econet Wireless Zimbabwe, Land O’Lakes, Mercury General Corporation, San Diego Zoo, and Thomas Jefferson University Hospital, Inc.
“Coupa’s cloud-based solution means our software is continually and seamlessly upgraded,” said Gavin Johnston, vice president, finance & procurement, EMEA, NEC. “Everyone using it experiences exceptional performance and access to key capabilities. We anticipate substantial cost savings over time as we drive towards full compliance.”
“As one of the leading cloud solutions for finance, Coupa is an excellent example of how companies are quickly deploying solutions and achieving real results in the fraction of time it would take to deploy an on premise solution,” said Christine Dover, IDC. “Coupa’s rapid growth isn’t surprising given the success its customers have and Coupa’s passion to constantly enhance and innovate on its cloud offering.”
About Coupa Software
Founded in 2006, Coupa Software is the leading provider of cloud-based spend optimization software. More than 350 customers use the Coupa suite of cloud applications to amplify their spend power and reduce spending costs up to 11 percent. Only Coupa provides a suite of true 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: coupa.com or call +1 (650) 931-3200. Read more at our company blog, Making Cents or follow @Coupa on Twitter.