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Coupa, which competes with incumbents like SAP and Oracle, raised $40m in its latest round of funding

Coupa, which competes with incumbents like SAP and Oracle, raised $40m in its latest round of funding

Coupa, a provider of cloud-based spend management software announced this week that the company has secured $40m in a round of funding led by Meritech Capital, bringing the total since its founding in 2006 to $87.5m. The company said the latest round of funding will help the company grow its cloud-based financial management software and eclipse other providers.

“We have experienced 100 per cent growth for each of the last five years because of our maniacal focus on delivering measurable success for our customers,” said Rob Bernshteyn, chief executive officer, Coupa.

The company said it had a very successful 2013, adding over 140 companies to its service partner ecosystem and successfully launching vertically-specific expense management solutions for the financial services, food and beverage, healthcare, technology and retail sectors.

“The new investment will be used to further extend Coupa’s suite of organically developed, cloud spend optimization solutions and continue the company’s expansion across the globe,” Bernshteyn said.

Expense management may not be the most glamorous cloud service but it is a segment that has garnered significant attention among large enterprise IT incumbents catering to big companies, as large organisations are typically where these services are put to use. In 2012 for instance SAP bought cloud-based cash flow and expense management provider Ariba for $4.3bn, the same year Oracle introduced its own cloud-based expense management offering.

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