SAN FRANCISCO--(BUSINESS WIRE)--During Day 1 of Coupa INSPIRE’15, the premier cloud spend management industry gathering of the year, Coupa Software disclosed key performance metrics demonstrating its record-breaking customer and business success in Q1 FY2015. In a separate press release, Coupa also announced today the appointment of Todd Ford as the company’s new CFO, effective immediately.
During Q1 FY15, Coupa again achieved record success as it grew its customer subscription revenue for a 25th consecutive quarter while also posting a rise in both new customer deployments and customer renewals.
Fueled by increased enterprise demand for its cloud-based solutions, Coupa in Q1 increased its worldwide sales force by 25 percent to support its global presence in 18 total countries. Coupa also widened its global footprint by expanding into key new countries including Singapore, Sweden and Switzerland.
To meet the evolving product and technology needs of today’s global enterprises, Coupa also enhanced its cloud platform in Q1 with the unveiling of a new mobile expense management solution and its acquisition of ZenPurchase’s real-time procurement collaboration technology.
“On the strength of our cloud-based savings-as-a-service platform, we again achieved record company performance in our first quarter and continued expanding our business on a global scale,” said Rob Bernshteyn, CEO of Coupa. “We remain singularly focused on delivering real, measurable business results to our enterprise customers and will continue working tirelessly to help companies save millions of dollars in previously unmanaged spend.”
Q1 2015 Business Highlights
-
Global Business Expansion
- In Q1, Coupa accelerated its global expansion in 18 countries and acquired new, larger office space in both Reno, Nevada and Dublin, Ireland. In addition to increasing its worldwide salesforce by 25 percent in Q1, Coupa also posted a 30 percent increase in new hires since December 2014 to support its growing global customer base.
- EMEA remained Coupa’s fastest-growing region outside of North America during the first quarter, while Asia Pacific and Latin America continued demonstrating strong demand. In a year-over-year comparison, Coupa EMEA rapidly expanded with three times the number of customers from Q1 2014.
- In March, Coupa debuted on the UK’s G-Cloud 6 allowing Coupa to supply its suite of cloud spend management solutions across all of the United Kingdom’s public sector, including local government, not-for-profit organizations, and more.
-
Strong Renewals, New Customer Growth & Record-Breaking Time to Value
- Coupa demonstrated a continued strength in customer renewal rates during Q1 as existing Coupa customers added on to their Coupa platform during the quarter, including Woodward, SchoolsFirst Federal Credit Union, and Refinery 29. Additional module add-on transactions for the quarter included Cofely Italy (Invoicing), and Upbring (Expenses).
- Coupa’s customers are rapidly adding new applications and user licenses because of the ease of integration and consumer-like experience for employees and suppliers. As a result of the increasing number of users on Coupa’s systems, total spend managed on Coupa’s platform grew more than 100 percent in Q1 2015, as compared to Q1 2014.
- In Q1, new customer growth continued to rise as global enterprises in regions representing North America and EMEA subscribed to the Coupa cloud platform. With customers citing ease of use, economies of scale, immediate user adoption, reduced TCO and unprecedented ROI as primary reasons for working with Coupa, new customers spanning vertical industries and ranging from mid-enterprise to Global 1000 companies included Deloitte Canada, American Express Global Business Travel, Wacom Company LTD, Celebration Church of Texas, Grupo Herdez, SAB de CV., New Orleans College Preparatory Academies and others.
- During the first quarter, more than one new customer per week went live on Coupa’s systems and achieved record-breaking time to value with average deployments of 4 to 6 months. This rapid implementation and quick employee adoption translates directly into bottom-line savings for Coupa customers.
-
Industry Leadership & Awards Recognition
- In March, Coupa was positioned as a Leader by Gartner, Inc. in the Gartner Magic Quadrant for Procure-to-Pay (P2P) Suites for Indirect Procurement recognizing Coupa’s innovation in P2P, “ability to execute” and “completeness of vision.”
- In February, Coupa was chosen by AlwaysOn as a 2015 OnCloud Top 100 winner in the ‘SaaS Business Management Applications’ category. The OnCloud Top 100 list recognizes companies making industry-changing decisions who are likely to disrupt existing markets.
-
Expanded Solution Offerings to Meet Global Enterprise Customer Needs
- In February, Coupa expanded its suite of solutions to meet global customer demand and helped reinvent the way customers manage expenses with all-new features for its mobile expenses solution. Coupa unveiled new features including advanced intelligent voice capture, real-time recognition and categorization of expenses through the Coupa Expenses iOS app. With this enhanced solution, users simply describe their basic expense details to the Coupa mobile app, which then recognizes terms, categorizes items and automatically populates them into expense reports.
- According to Henry Ijams, Lead Analyst at PayStream Advisors, “companies today are hungry for solutions that simplify the process for employees to submit expenses. Coupa has implemented key enhancements like voice control in its platform while maintaining simplicity of use for today’s increasingly mobile workforce.”
- In February 2015, Coupa acquired collaborative enterprise procurement provider, ZenPurchase, announcing plans to build their innovations into Coupa’s organic cloud-based platform, and expand its offerings to include real-time RFP processes, rapid supplier onboarding, and accelerated customer time-to-value.
-
New Coupa Partnerships
- Coupa announced a strategic partnership with TrustWeaver, a Sweden-based provider of VAT compliance services. By integrating TrustWeaver’s technology, Coupa can help customers comply with global and local VAT regulations while submitting e-invoices across the Coupa Open Business Network.
About Coupa Software
Coupa Software is the leading provider of cloud-based financial applications. More than 500 customers in over 40 countries, including Sanofi, Salesforce.com, BNP Paribas North America, NEC, Royal Bank of Canada, Swiss Re, and Highmark Health use the Coupa suite of financial applications to support business agility and reduce costs. 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 www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.
