Cloud software maker Coupa files for $75 million IPO
Cloud-based spend optimization software maker Coupa has filed to go public. According to its S-1 form with the US Securities and Exchange Commission, Coupa plans to raise $75 million through an initial public offering and trade on the NASDAQ market under the symbol COUP.
Featured
Coupa bills itself as a savings-as-a-service provider, which basically means it helps customers spend less money over the long tail. The company uses collective bargaining to score prime contract terms on a range of enterprise services for its customers, which include Salesforce, the Container Store, Box, and pharmaceutical firm Sanofi.
The San Mateo, Calif.-based company has been around since 2006, but it's only in the last year or two that it started showing signs of an impending IPO. In June 2015, Coupa announced the close of an $80 million investment round, its seventh round to date, which bumped its valuation over the $1 billion mark.
Around the same time, Coupa hired Todd Ford as its new chief financial officer. Ford previously served as CFO for enterprise mobility services provider MobileIron, where he led the company through its $100 million IPO in 2014.
As part of its IPO paperwork, Coupa reveals that it had $83.6 million in revenue in 2015, up 66 percent year-over-year. Its net losses went from $25.1 million for the first six months of 2015 to $24.3 million in the same period of this year. Coupa says it holds $80 million in cash as of July 2016.
Coupa's investors include T. Rowe Price, Blue Run Ventures, Battery Ventures, Crosslink Capital, El Dorado Ventures, Iconiq Capital, Mohr Davidow Ventures, Northgate, Premji Invest, and Rally Ventures.