Coupa Acquires Deep Relevance to Provide AI-Based Fraud Detection
October 17 2017 - 8:30AM
Coupa Software (NASDAQ:COUP), a leader in cloud-based spend
management, announced today that it has acquired substantially all
of the assets of Deep Relevance, Inc. Based in the San Francisco
Bay Area, Deep Relevance uses Artificial Intelligence (AI)-based
behavior and relationship analytics to help identify individual
employee and collusive fraud or other suspicious transactions.
The acquisition will help Coupa utilize AI technology to create
a fraud profile based on analyzing customer and aggregated
community data for expenses, purchase orders, and invoices. This
profile score and related spend transactions can then be used to
alert a company’s internal auditors or finance personnel for
further review and action.
“When we created Deep Relevance, we set out to identify fraud
faster and cheaper than had been possible in the past. Traditional
rules-based systems were missing fraud that we knew AI could find,”
said Kiran Ratnapu, founder and CEO of Deep Relevance. “We’re
thrilled to be a part of the team creating next generation business
spend solutions.”
Deep Relevance uses structured and unstructured data from text
and images to create risk signals that contain deep, contextual
insights. The Deep Relevance AI models then extract information
from these signals and include them in the behavioral risk
analysis. The system prioritizes alerts by dollars-at-risk to focus
auditor attention.
Areas of fraud detection include conflict of interest, bidding
integrity, sham vendors, fraudulent invoices, inflated expense
claims, duplicate expenses, and personal expenses.
“Deep Relevance’s unique application of AI allows us to
accelerate our vision of helping customers reduce fraud through
Coupa community intelligence,” said Raja Hammoud, senior vice
president of products at Coupa. “We’re thrilled to work with the
Deep Relevance team to apply state-of-the-art fraud detection
algorithms to Coupa’s hundreds of billions of dollars in
accelerating cumulative spend under management.”
Born in the cloud, Coupa delivers a modern spend-management
platform that accelerates business by unifying processes across all
the ways employees spend money. These processes cover travel and
expense management, procurement, invoicing, and related
source-to-settle areas. Using the Coupa Open Business Network, the
platform has connected more than 3 million suppliers and delivers a
powerful solution for businesses committed to controlling their
spend.
Forward-Looking Statements: This release
includes forward-looking statements. All statements other than
statements of historical facts, including the proposed benefits of
the acquisition and statements regarding the capabilities of Coupa
and Deep Relevance 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 September 8, 2017, which is
available at 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 LinkedIn at
https://www.linkedin.com/company/99595/
Media inquiries:Orlando De BruceCoupa
Software Global Public
Relationsorlando.debruce@coupa.comO (650) 485-8629
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