Coupa Software (NASDAQ:COUP), a leader in cloud-based spend
management, today announced that it has acquired substantially all
of the assets of Spend360 International Ltd. to help companies
digitize antiquated processes for data classification. Based
outside London, Spend360 is an analytics solution that uses deep
machine learning and artificial intelligence to structure and
cleanse data in a format that finance and procurement can actually
use.
With the addition of Spend360, Coupa will help
transform outdated data classification processes that rely on
humans for accuracy with a modern, digitized system that uses
innovative technologies to classify data more quickly and
accurately. Embedding Spend360 intelligence in the Coupa platform
will make it easier for businesses to reduce risks in their
supplier base, grow savings opportunities, and increase efficiency
and agility.
Together, Coupa and Spend360 will comprise a data
warehouse that has, to date, processed or analyzed more than a
total of $1.3 trillion in spend – and counting - with a global
category-level benchmarking and analytic capability that is
competitively distinguished.
“Today, Coupa’s acquisition of Spend360 provides an
invaluable offering to customers and partners. Tomorrow, it will
drive an artificial intelligence and machine-learning capability to
mine all the spend going through Coupa’s platform, guiding users to
better decisions,” said Jason Busch, Founder of Spend Matters and
Azul Partners. “When the dust settles from the announcement,
customers will love this deal and competitors will cringe.
Spend360 has quietly emerged as the gold standard for spend
analysis classification and our recent analysis showed that they
are the vendor to beat in that market.”
Spend360 increases the accuracy and precision of
data classification while also decreasing the time and effort
required to gain insights into spend management analysis. For its
market leadership, Spend360 was one of only 22 organizations in the
United Kingdom (UK) to win a coveted "Innovate UK" grant in
2015.
“When we created Spend360, we set out to automate
the complex task of accurately classifying business spend data
using the power of deep learning technology,” said Paddy Lawton,
founder of Spend360. “Coupa gives us an opportunity to share our
innovations with more customers and even larger data sets with a
focus on network insights. We’re thrilled to be a part of the
team.”
Understanding how money is spent is critical for
the effective operation of any business. Yet, many businesses still
lack clear visibility into spend. This obscurity is often caused by
items such as disparate systems across the globe, employees
spending outside of hard-to-use systems, and spend occurring in
different languages or currencies. Coupa’s cloud platform for
business spending is a full solution that drives high adoption from
employees and suppliers and provides power applications for expert
users across finance, procurement, and accounts payable.
“Spend360’s innovations around machine learning and
artificial intelligence have dramatically improved results for
their customers and will take Coupa to the next level,” said Rob
Bernshteyn, CEO of Coupa. “Embedding Spend360 into our unified
platform is a perfect way for us to increase value for customers
through insights from their own spend data. However, it is the
power of our customers’ combined spend, or the network effect, that
will give them even more business value over time.”
Coupa expects the capabilities from Spend360 to be
made available to select Coupa customers later this year. As part
of the acquisition, the Spend360 team has joined Coupa to continue
developing forward-thinking approaches for data classification and
predictive insights. This team will be instrumental in helping
Coupa drive even more value for its customers. The transaction
closed at the end of December 2016 and financial terms were not
disclosed. Coupa is not updating its guidance for its fourth
quarter or fiscal year ending January 31, 2017, which it provided
on December 5, 2016. The acquisition is not expected to have
a material impact on Coupa’s results of operations or financial
condition for its fourth quarter or fiscal year ending January 31,
2017.
Forward-Looking Statements:
This release includes forward-looking statements.
All statements other than statements of historical facts, including
the quotations, statements regarding the acquisition of
substantially all the assets of Spend360, including the proposed
benefits, statements regarding our guidance and the effect of the
acquisition on our results of operations and financial condition,
and statements regarding the capabilities of Coupa and Spend360
following the acquisition, are forward-looking statements. These
forward-looking statements are based on Coupa’s current
expectations and projections about future events and trends that
Coupa believes may affect its financial condition, results of
operations, strategy, short- and long-term business operations and
objectives, and financial needs.
These forward-looking statements are subject to a
number of risks, uncertainties and assumptions that may cause
actual results to differ materially, including: difficulties with
the integration process or the realization of the benefits of the
acquisition; we have a limited operating history, which makes it
difficult to predict our future operating results; if we are unable
to attract new customers, the growth of our revenues will be
adversely affected; because our platform is sold to large
enterprises with complex operating environments, we encounter long
and unpredictable sales cycles; if we fail to develop widespread
brand awareness cost-effectively, our business may suffer; the
markets in which we participate are intensely competitive; our
business depends substantially on our customers renewing their
subscriptions and purchasing additional subscriptions from us; any
decline in our customer renewals would harm our future operating
results; because we recognize subscription revenues over the term
of the contract, fluctuations in new sales will not be immediately
reflected in our operating results and may be difficult to discern;
and we have experienced rapid growth in recent periods, and if we
fail to manage our growth effectively, we may be unable to execute
our business plan, maintain high levels of service or adequately
address competitive challenges.
These and other risks and uncertainties that could
affect Coupa’s future results are included under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” in Coupa’s quarterly report
on Form 10-Q filed with the SEC on December 9, 2016, which is
available at www.investors.coupa.com and on the SEC’s website at
www.sec.gov. Further information on potential risks that could
affect actual results will be included in other filings Coupa makes
with the SEC from time to time.
The forward-looking statements in this release
reflect Coupa’s expectations as of the date hereof. Coupa
undertakes no obligation to update publicly any forward-looking
statements for any reason after the date of this release to conform
these statements to actual results or to changes in our
expectations.
About Coupa Software Coupa
Software (NASDAQ:COUP) is the cloud platform for business spend. We
deliver “Value as a Service” by helping our customers maximize
their spend under management, achieve significant cost savings and
drive profitability. Coupa provides a unified, cloud-based
spend management platform that connects hundreds of organizations
representing the Americas, EMEA, and APAC with millions of
suppliers globally. The Coupa platform provides greater
visibility into and control over how companies spend money.
Customers – small, medium and large – have used the Coupa platform
to bring billions of dollars in cumulative spend under management.
Learn more at www.coupa.com. Read more on the Coupa
Blog or follow @Coupa on Twitter.
Media inquiries:
Orlando De Bruce
Coupa Software
Global Public Relations
orlando.debruce@coupa.com
O (650) 485-8629
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