Spend management software provider Coupa Software has filed a
registration statement with the U.S. Securities and Exchange Commission for a
proposed initial public offering. Coupa plans to list on the NASDAQ Global
Market under ticker symbol COUP. The number and price of shares to be offered
has not yet been determined, according to a statement from Coupa.
Coupa provides procurement services, invoicing, expense
management and analytics through its cloud platform. In the SEC filing, Coupa
claimed to have 460 clients and more than 1.5 million licensed users that have
used its platform to manage more than $250 billion of cumulative spend since its inception in 2006.
For the fiscal year ending Jan. 31, 2016
revenue totaled $83.7 million, up 40 percent from the year prior. For the six
months ending Jul. 31, revenue totaled $60.3 million, up 43 percent from the
same period in 2015.
In July 2015, Coupa acquired TripScanner,
an open-booking platform enabling clients to capture data, apply policy
controls and analyze off-channel bookings. And in November, Deloitte named
Coupa No. 110 on its list of the 500 fastest-growing
technology companies in North America.
The company wants to manage that growth, though. "We
have experienced rapid growth in recent periods. 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," the
filing stated.
Coupa's growth strategy includes expanding its customer base
in the United States and internationally, increasing the direct spend that is managed
on its platform, broadening its partner ecosystem and further developing its
platform, according to the filing.
Additionally, the company has a "history of cumulative
losses" and does not "expect to be profitable in the foreseeable
future," according to the filing's risk section. In the fiscal year ending
Jan. 31, 2016, Coupa reported $46.2 million in net losses, up 41 percent year
over year.
Coupa also has a "limited operating history, which
makes it difficult to predict our future operating results," the filing
stated.
Coupa filed with the SEC on Thursday, a day after hiring Steve
Winter as chief revenue officer. Winter had been executive vice president of
worldwide field operations at marketing automation software provider Marketo.
He also worked at SAP for nine years, including roles as global emerging
solutions head, managing director of the United Kingdom and Ireland, COO for
North America and executive vice president of sales for North America.
Also on Wednesday, Forbes released The Cloud 100: World's Best Cloud Companies,
placing Coupa at No. 17.