Coupa Software, a provider of cloud-based procurement software to more than 500 companies, is on a growth spurt in terms of both revenue and clients, CEO Rob Bernshtevn says.
Revenue grew 44% for the fiscal fourth quarter, as Coupa ended the fiscal year ended Jan. 31 with $133.8 million, up 60% from the prior year.
The software company surpassed 500 clients during its fiscal fourth quarter, ending the fiscal year with 535 customers. They include construction equipment giant Caterpillar and Part Hartmann, an international provider of healthcare products. Other new clients include Asian Development Bank, Clark Construction, Kubota Tractor Corp., Brightpoint Health, GoHealth Urgent Care and Great Wolf Resorts.
“We closed a successful fiscal 2017 by achieving strong results across the board in Q4,” Bernshteyn says. “Our unified platform has now processed more than $360 billion in cumulative spend, driving cost savings and increasing profitability for our customers.” Coupa’s procurement software is also called spend management software because it helps clients manage online spending by their employees.
Coupa also recently acquired Spend360 International Ltd., a provider of online analytics software, and it recently launched version R17, or Release 17, of its cloud-based procurement software. R17’s new features include more ways for companies to share information on new products and other matters with their suppliers, and new tools to let clients produce reports on their spending records with suppliers.
For the fourth quarter ended Jan. 31, Coupa reported:
- Revenue increased 44% to $38.0 million from $26.4 million a year earlier;
- An operating loss of $6.4 million, compared with an operating loss of $11.0 million;
- A net loss of $6.6 million, compared with a net loss of $11.5 million.
For the full fiscal year, Coupa reported:
- Revenue increased 60% to $133.8 million from $83.63 million;
- An operating loss of $35.4 million, compared with an operating loss of $45.3 million;
- A net loss of $37.6 million, compared with a net loss of $46.2 million.
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