Coupa Filing Confirms IPO Plans

Spend management software company Coupa first grabbed headlines when it entered the Unicorn Club following its $80 million investment round last year. Now, the company is doing it again.

Coupa is going public, planning an IPO to raise a goal of $75 million on the Nasdaq Global Market, reports said on Friday (Sept. 9). The company will trade under the symbol COUP.

The SaaS’ plans to go public were revealed after it filed preliminary paperwork for its float, reports said, with Morgan Stanley, JPMorgan, Barclays, RBC Capital Markets, JMP Securities and Raymond James helping with the deal.

Its S-1 filing revealed a $12.4 million net loss for the quarter ended July 31, posting $31.3 million in revenue, with quarterly revenues up 66 percent from the same period a year before.

“We have a history of cumulative losses, and we do not expect to be profitable for the foreseeable future,” Coupa warned in its filing, reports from VentureBeat said.

By targeting larger enterprises with its spend management solution, Coupa places itself squarely against top rivals like Salesforce and Oracle. The company was founded by former Oracle executives Noah Eisner and Dave Stephens, and late last year, it revealed the hiring of former Salesforce Vice Chairman Frank van Veenendaal to its board of directors.

In an interview with PYMNTS earlier this year, Coupa VP of Strategy and Product Marketing Donna Wilczek elaborated on the path that corporate accounting technology has taken.

“At no time in history has disruption been so prevalent,” the executive stated. “And I’m not talking about what Coupa’s doing; I’m talking about what’s happening in the macro-economy.”

“Disruption is happening faster than ever, and I think what’s happening with accounts payable is that AP organizations now see themselves as a way to deliver value for a business,” she continued. “They can become part of what their business needs to be to stay viable and competitive.”