Coupa Acquires Contractually to Streamline Process for Contract ReviewFriday, January 15, 2016
Contract Lifecycle Management solution to be embedded in Spend Management Suite
Vancouver, BC, January 15, 2016--(T-Net)--Coupa Software, a leader in cloud-based spend management, today announced the acquisition of Contractually, a cloud innovator based in Vancouver, Canada that helps reduce businesses' reliance on antiquated processes or inadequate technology tools to version control or redline contracts.
With this acquisition, Coupa reported that it takes the next step in transforming B2B commerce by further reducing the need for time-consuming contract authoring and signature processes. This capability will help businesses streamline the way they manage contract lifecycles, which will reduce human error and increase efficiency.
“Coupa's acquisition of Contractually seems likely to disrupt the contract lifecycle management market by leveraging the power of real-time document collaboration to leapfrog legacy applications and solve age old contract authoring related problems,” said Christine Dover, research vice president of Enterprise Application and Digital Commerce at IDC. “The enterprise application market continues to grow by the day, and Coupa is expected to benefit from this growth.”
Contracts are a foundation for doing business and often the first step in securing long-lasting relationships among suppliers, partners and customers. Yet, despite how critical contracts are for business continuity and the major shifts in how business today is conducted, outdated processes are still being used to manage companies' most important documents. For example, many contracts today are authored in one application, then emailed back and forth for review and editing, signed in yet another application, and returned via email for further human processing.
With the addition of Contractually, Coupa will transform the antiquated contract processes to the digital world with a modern application focused on collaboration technology. Benefits will include avoidance of human errors in contracts, reduction of contract risk and prevention of errors that may cause business issues.
“Contractually extends our unified suite of applications with a critical new set of capabilities. We look forward to bringing this exceptional new synergistic offering to our customers and market,” said Rob Bernshteyn, CEO of Coupa. “We made the decision to acquire Contractually primarily due to the shared vision with their team, and the innovative focus they applied to their Ruby on Rails developed offering.”
Since 2012, Coupa has had contract repository and alerting functionality embedded in its Spend Management suite. Since that time, customers have successfully operationalized hundreds of thousands of signed contracts using Coupa. The Coupa contract repository utilizes contracts for purchasing processes and for tracking of spending. The acquisition of Contractually will help take Coupa's capabilities to the next level by making it possible for customers to manage their contracts in Coupa from the moment a contract is created.
“Coupa started in 2006 with a clear vision of unified spend management, and we've followed it through with steady execution,” said David Williams, vice president of technology at Coupa. “The Contractually acquisition is another building block that will be carefully applied to our unified suite. The synergy here is very clear as we will extend our existing contract repository and alerting functionality to add contract lifecycle management that starts with a collaboration document for authoring.”
The Coupa Open Business Network Model
After incorporating Contractually into the Coupa platform, customers may invite their suppliers to collaborate on contracts through the Coupa Open Business Network. The Coupa Open Business Network instantly connects the world's businesses by providing customers with both the flexibility and freedom to transact with their suppliers without increasing supply chain costs that result through supplier network fees. Business benefits include increased supplier collaboration and reduced cycle time from contract start to contract signature.
“When we created Contractually, we set out to modernize contract authoring and lifecycle processes,” said Martin Ertl, founder of Contractually. “Our team is thrilled to join Coupa and share our innovations with the global enterprise market.”
Coupa expects the additional capabilities from the Contractually technology to be made available to select customers by mid-2016. As part of the acquisition, the Contractually team will join Coupa to continue developing forward-thinking approaches for contract collaboration. The team will be instrumental in helping Coupa transform enterprise spend management.
About Coupa Software
Coupa Software, a leader in cloud-based spend management, enables businesses everywhere to recognize bottom-line financial success via Savings-as-a-Service. Customers - small, medium and large - representing the Americas, EMEA, and APAC rely on Coupa to support business agility and reduce costs. Only Coupa provides an organic suite of true cloud spend management applications, including invoicing, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that can start within a few months and grow continually. Learn more at www.coupa.com.
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