Leading investment and advisory firm implements Cloud-based applications and makes limited investment in the company.
Coupa Software, a provider of spend optimization software, recently announced that Blackstone (NYSE: BX), one of the world’s leading investment and advisory firms, has selected Coupa as its spend management solution and has made a limited investment in the company. Some Blackstone portfolio companies already use Coupa, and the Coupa-Blackstone relationship will now be leveraged at other portfolio companies in coming months.
Blackstone selected Coupa Software as it sought a best-in-class solution to streamline operations and optimize its spend. Coupa’s ability to quickly deploy its cloud-based solution and show immediate results was a key factor in Blackstone’s decision to deploy the Coupa solution. With 200 active Blackstone users currently on the platform, the company anticipates full integration with its more than 1,600 employees to drive collective spend intelligence across the organization.
Blackstone’s core private equity competency is investing in leading, global businesses positioned for growth and profitability. With a portfolio of more than 70 companies and $125 billion in annual revenue, Blackstone will offer the Coupa platform to its portfolio companies to help them quickly get their spend under control and improve operating efficiency.
Click here to view the entire Coupa press release.
Like Blackstone, many companies are looking at Cloud based solutions as a smarter way to spend. Cloud solutions deliver all the functionality of a standard web browser, without the need for organizations to invest valuable time, money and resources installing software application in-house. Cloud based solutions like Coupa’s help achieve faster results and ROI compared to traditional on-premise solutions.
To learn more about Cloud vs. On-Premise/Network Solutions, download a complimentary copy of PayStream’s new white paper, titled Calculate Your Total Cost of Ownership: Cloud vs. On-Premise/Network Solutions.