Coupa

Coupa offers a procurement and accounts payable management software that lets enterprises automate the management and settlement of payables (from invoice matching to payments) and supply chain activities. It also offers a travel and expense (T&E) management platform, with embedded fraud detection, for employees to access integrated travel management solutions including travel booking, price assurance, and other traveler services. 

The company also operates the “Coupa App Marketplace,” a platform for business users to connect with certified solutions for supply chain, procurement, and finance functions. In March 2024, the firm introduced a number of AI-based features to automate tasks, improve efficiency, and enable smarter decision-making for businesses. The firm also plans to launch Forecast Collaboration, a new solution to improve communication between buyers and suppliers by May 2024.

Key customers and partnerships

The company offers its solutions to several industries, ranging from automotive and banking services, to oil and gas, and telecommunications. Its clients include several large global enterprises, including Sanofi, MGM Resorts, Salesforce, Juniper Networks, and Cooper Standard. 

Coupa delivers its payout solutions in partnership with several companies. Its virtual card partners include AirPlus, HSBC, Citi, and J.P. Morgan, while its payment tech providers include Stripe, Mastercard, PayPal, and TransferMate. In October 2022, Coupa partnered with integration and automation solution provider, TradeCentric, to optimize the former’s procurement solutions. The company subsequently partnered with Goldman Sachs in April 2023, to leverage the latter’s payment, treasury, and banking infrastructure solution, “Transaction Banking (TxB).” 

In January 2024, the company partnered with Tonkean, a no-code platform to develop business applications to launch “Tonkean Intake Orchestration for Coupa”, in Coupa App Marketplace, to improve intake-to-procure processes for customers.

Moreover, Coupa launched an investment fund of USD 50 million in June 2021 to invest in early- and growth-stage startups in the business spend and procurement management industry. The funds first two portfolio companies were SaaS expense management platform, Zylo , and procurement management platform, SourceDay .

Funding and financials

The company generated USD 725.3 million in revenue in FY2022 (ending January), mostly through subscriptions (87.4%); however, it was yet to turn profitable, as its operating loss amounted to USD 244.1 million.  

The company raised aggregate gross proceeds of USD 153 million through an IPO in October 2016 and was listed on the Nasdaq. However, in December 2022, the company entered a definitive agreement (completed in February 2023) to be acquired by Thoma Bravo for USD 8 billion and be delisted from the Nasdaq. Coupa subsequently appointed Charles Goodman as its interim CEO in May 2023, and announced layoffs in June 2023, to improve profitability and decision-making speed amidst an uncertain economy.