Coupa Software, a leader in cloud-based spend management, has acquired Vancouver-based Contractually, a cloud service provider that works on simplifying the contract process for businesses. Financial terms of the deal were not disclosed.
The deal 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. This capability will provide Coupa the ability to help businesses streamline the way they manage contract lifecycles, which will reduce human error and increase efficiency.
Coupa provides a suite of financial applications that help businesses keep track of their costs. Since 2012, Coupa has allowed its users to operationalize contacts for acquiring processes and for tracking and spending. Coupa plans to leverage Contractually’s contact-authoring platform within its own management platform.
Founded by lawyer Martin Ertl in 2010 and based in Vancouver, Canada, Contractually makes cloud software for managing contract authoring and signature processes.
Rob Bernshteyn, CEO of Coupa, said in a statement: “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,” and also added this: “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.”
David Williams, vice president of technology at Coupa Software, said in a statement: “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.”
Coupa expects the additional capabilities from the Contractually technology to be made available in the market by mid-2016. As part of the deal, the entire Contractually team will join Coupa to continue developing technology for contract collaboration and enterprise spend management.
Founded in 2006 and based in San Mateo, California, Coupa Software is a cloud-based spend management software company, enables businesses everywhere to recognize bottom-line financial success via Savings-as-a-Service. The company 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.
Image credit; Coupa Software
Friday, January 15, 2016
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