Consecutive growth highlights Coupa’s trajectory as a dominant leader in Cloud Spend Optimization.
Coupa Software, a cloud spend optimization software provider, recently announced a highly successful first quarter in 2012, extending the growth momentum announced at the end of 2011 and citing a 130% percent rise in Annual Contract Value this quarter over the prior year’s quarter. This marked the 13th consecutive quarter of new annual contract value growth.
As a testament to Coupa’s growing traction in the market, a seven-figure deal with the Independent Purchasing Cooperative (IPC) of SUBWAY was closed in 2011. The SUBWAY/IPC deal is the world’s largest multi-location cloud business application deployment to-date, with Coupa’s cloud spend management solution being deployed to 35,000 restaurants in 98 countries.
One of the most critical business imperatives today is conscious spending and reduced operating costs, in order to drive business results and sustain top-line growth. Coupa is addressing this mission-critical need head-on by empowering organizations to spend smarter and save money through broad adoption and use of the Company’s innovative, easy-to-use, fast-to-implement and cost-effective cloud spend management applications.
On the heels of the SUBWAY deal, Coupa has attracted large enterprises to its customer roster in 2012, including: Amerinet, Avalon Health Care Group, Citizens Republic Bancorp, Inc., Corbus, LLC, Gannett Co., Inc., and Service Corporation International. Additionally, Coupa’s Q1 2012 customer highlights reflect the company’s strong international reach: Colliers International (implementing Coupa in Canada and the United States) and Quiznos India.
Key highlights from Coupa’s fiscal 2011 success story include:
- Annual Contract Value (ACV): Coupa not only posted a record ACV quarter (its 13th consecutive quarter of new ACV growth), but also increased new ACV by more than 130 percent in Q1 2012 vs. Q1 2011.
- Usage: Spend through the Coupa Cloud Spend Management platform grew at a rate of 80 percent over Q1 2011. Active users of the software increased by approximately 85 percent, proving the ease-of-use and value that customers now expect from Coupa’s cloud-based solution.
- Renewals: Coupa reported continued strong customer loyalty, as evidenced by its greater than 95 percent subscription renewal rate.
- New Partners: Joining the Coupa family as new partners were: KPMG LLP (global alliance), IBM (global alliance), Xchanging (global Business Process Outsourcing partner) and Xoomworks (EMEA regional partner).
- Product Expansion: Coupa unveiled its Winter tech ’12 announcement in Q1 2012, which included a host of new features, including Universal Search, and incorporated other innovations that increase usability and help to promote a culture of responsible spending.
- Employees: In order to continue meeting the growing demand for its solution worldwide, Coupa increased its employee base by 62 percent, compared to Q1 2011. Additionally, Coupa added Mark Verbeck as the new CFO to the executive team.
- Awards: In addition to the above achievements, Coupa attained industry recognition for leading the cloud software market, including: San Francisco Business Times’ Best Places to Work in the Bay Area, AlwaysOn OnDemand Top 100 Company and TMC Cloud Computing Excellence Award.
Click here to view the entire Coupa press release.
Cloud-based services are becoming more and more attractive to businesses seeking to reduce licensing costs, avoid recruiting IT staff and focus fully on their core responsibility – growing the business. Congratulations to Coupa and its success in the cloud spend optimization arena. PayStream blog readers will be excited to see second quarter 2012 results, with the hope that the momentum continues to accelerate well into 2012 and beyond.