Coupa buys contract management software maker Contractually

Cloud-based spend management software startup Coupa said Thursday that it has acquired Contractually. Financial terms were not disclosed.

Based in Vancouver, Canada, Contractually makes cloud software for managing contract authoring and signature processes.

Contractually's pitch is that, while contracts remain a fixture in business-to-business transactions, the tools for writing and signing them via the Internet are cumbersome and outdated.

For instance, it's not uncommon for contracts to be authored in one application, then emailed between parties for review and editing, signed in another application, and returned via email for final human processing.

Coupa said it plans to use Contractually to combine all of those steps into one application built on its supplier collaboration platform Coupa Open Business Network.

The San Mateo, Calif.-based company has been around since 2006, but recently has started showing signs that it's planning for a possible IPO. Last summer Coupa announced the close of $80 million investment round, its seventh round to date, which bumped its valuation over the $1 billion mark.

The entire Contractually team will join Coupa as part of the acquisition.