Over the past two years, Coupa doubled its engineering staff.
This week, Coupa disclosed it has hired former ServiceSource executive Ray Martinelli to manage an influx of new employees. Now, the company is prepping for its next phase of growth. Since then, it has acquired two companies that lend more credibility to its quest-TripScanner, for managing travel expenditures and InvoiceSmash, for creating and processing electronic invoices. Aside from the leaders already mentioned, challengers include Basware, Capgemini IBX, Ivalua, SciQuest, and Verian, according to the research company’s 2014 report on this topic.įounded in 2006 by two ex-Oracle employees, Coupa doubled its venture funding six months ago, to benefit from the heightened interest in cloud-delivered expense management software. (Forrester doesn’t break out specific revenue forecasts for any of the companies.) More money will be spent this year on cloud-based services for managing business expenses than on traditional systems that handle this process, Forrester predicted. According to its analysis, Coupa is among the top three e-procurement suppliers based on estimated 2015 revenue, behind SAP’s Ariba division and Oracle (ORCL). How much are companies willing to spend to control spending? Forrester Research estimates the market for e-procurement at about $1.4 billion for 2016, up slightly from this year’s projections. According to its Web site, Coupa’s customer renewal rate is more than 95%, meaning that a large majority stick with the system beyond the initial contract. The company figures it has so far helped customers save more than $6.1 billion, by identifying contracts that should be renegotiated and by consolidating expense data across locations and departments. That’s something that nine-year-old Coupa help with, although it must unseat two much larger software companies to succeed.Ĭoupa’s cloud software is used by finance teams to manage everything from information technology budgets to janitorial supplies to business travel. Most procurement teams can’t answer that question quickly.
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