Posted on Thursday, Jul 8th 2021
According to a
recent market report, the total spend management software market is estimated to grow at 18% CAGR over to reach $4 billion by 2027. San Mateo-based Coupa (Nasdaq: COUP) is leveraging partnerships and product upgrades to make a bigger impact in this market. Coupa’s Financials
Revenues for the first quarter grew 40% to $166.9 million, ahead of the market’s estimates of $152.49 million. GAAP net loss of $100.4 million was significantly higher than previous year’s net loss of $14.8 million. Non GAAP net income was $0.07 per share, compared to analyst estimates of a loss of $0.19 per share.
By segment, subscription services revenues increased 33% to $140.1 million and professional services revenues grew 99% to $26.8 million.
For the second quarter, the company expects revenues of $162-$163 million with non-GAAP net loss of $0.05-$0.07 per share. It expects to end the year with revenues of $681-$684 million with net loss of $0.14-$0.20 per share. The market was looking for Q2 revenues of $162.97 million with a loss per share of $0.06 and revenues of $684.81 million for the year with a loss per share of $0.15.
Coupa’s Pana Acquisition
Earlier this year, Coupa announced the acquisition of travel booking technology and travel expense management software provider Pana for an estimated $48.5 million. Denver-based Pana provides an on-demand mobile app that helps users book flights, hotels, cars, and make dining reservations. It saves the travelers’ preferences and personalizes suggestions to customize travel to the user’s needs. It helps build travel management tools for several companies. Prior to the acquisition, Pana was privately held and had raised $15.5 million in funding from investors including FG Angels, Galvanize, MergeLane, 500 Startups, Bessemer Venture Partners, Techstars Ventures, Matchstick Ventures, and Upslope Ventures.
Coupa plans to leverage Pana’s tools to deliver improved travel expense management capabilities and further unlock its potential within the Travel Saver offering. This is not the first acquisition in the travel space that Coupa has made. Last year, it had acquired Yapta, a travel price optimization leader.
Coupa’s Partnerships and Integrations
Coupa recently announced its partnership with Japan Cloud to create a joint venture, Coupa K.K. It will allow Coupa to scale and support the increasing number of Japanese companies that want to gain more efficiency and agility through its Business Spend Management. According to a recent study from
Boston Consulting Group, Japan is one of the largest public cloud markets in the Asia-Pacific region and is expected to develop from $8 billion in 2018 to $18 billion by 2023. Coupa is hoping to capture this market through its partnership.
Last month, Coupa also announced an integration with Vertex, a global provider of tax technology solutions. Vertex Indirect Tax O Series for Coupa Software is a Vertex-built and supported integration to the Coupa Business Spend Management platform. As part of the automation of the procurement process, companies are facing a stronger need to ensure that they maintain compliance and manage indirect taxes. The release of the integration will help organizations address this taxation issue from a vendor payment and accrual standpoint.
Additionally, Coupa also announced several new products to give organizations the ability to maximize business impacts that address Environmental, Social, and Governance (ESG) initiatives. With Business Spend Management (BSM) capabilities, supply chain, sourcing, procurement, and finance leaders in an organization can collaborate to ensure maximum returns for the business, customers, and the community at large. Coupa’s new capabilities will provide organizations with the ability to deal with diverse or sustainable businesses. Customers will be able to tag businesses according to these parameters, and also filter search results to only show suppliers or items from diverse or sustainable businesses. Coupa will also be able to pre-calculate the environmental impact of e-invoicing and e-purchasing, including the number of trees, water, oil, and carbon emissions saved through business activities.
Coupa’s stock is trading at $277.8 with a market capitalization of $20.4 billion. The stock hit a 52-week high of $377.04 in February this year and a 52-week low of $215 in May.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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