Coupa Conducts Successful IPO
On Thursday, October 6, Coupa (Nasdaq: Coup), the California-based provider of spend management solutions for the cloud, made its long-awaited initial public offering (IPO), with Coupa CEO and President Rob Bernshteyn ringing in the bell at the NASDAQ Global Market and ushering in a new era for the company. Coupa priced its 7.4 million shares of common stock at $18 per share, raising $132,200,000 in the first day of trading. Shares sold for more than $41 before settling at $33.28 per share by the day’s end. Six days later, Coupa announced that it had closed its IPO and had exercised its underwriter’s option to purchase an additional 1.11 million shares, for a total of 8,510,000 shares sold to the public for a total of $153,180,000. A hearty congratulations are in order to Rob and his fine team, who built the company from just 19 employees back in early 2009, the height of the Great Recession, to a company that now boasts roughly 800 employees and a valuation of roughly $1 billion. Read more about Rob and Coupa by clicking here and here.
ComplianceHR Partners with Strategic Sources, LLC
On September 15, ComplianceHR, a provider of web-based legal services for HR and contingent workforce management (CWM), announced that it has partnered with Strategic Sources, LLC, a confidential executive search firm specializing in digital media, to provide clients with audit and compliance management solutions for CWM programs. ComplianceHR will combine its web-based legal, audit, risk, and compliance management solutions with Strategic Sources’ market reach to offer clients the ability to hire contract talent while achieving and remaining in compliance with evolving labor laws.
SAP Concur to Acquire Travel Search Startup, Hipmunk
On September 13, techcrunch.com reported that SAP, the parent company of travel and expense (T&E) management solution provider, Concur, has purchased travel search technology startup, Hipmunk, for an undisclosed sum of money. Founded in 2010, Hipmunk has the look and feel of a standard travel bookings website, like Travelocity or Kayak; this functionality will be incorporated into SAP Concur’s T&E management platform. Although the terms and conditions of the deal were not shared, the acquisition is expected to close sometime in 2016.
Exari Integrates DocuSign’s Contract Management Solutions with its Own
On September 13, Boston-based Exari, which provides cloud-based contract management solutions, announced that it has integrated DocuSign’s electronic signature (“eSignature”) and Digital Transaction Management (“DTM”) tools with its own contract management platform. The partnership rounds out Exari’s platform by providing users with the means to automate back-end contract processing workflows, reduce or eliminate manual inputs and retyping (and errors), speed up time to decision, and save end users significant money on operating costs.
Icertis Partners with Box to Enhance Contract Management Offerings
On September 6, Geekwire announced that Icertis, the Washington-based provider of automated, cloud-based contract management solutions, has partnered with Box, California-based provider of secure collaboration and file-sharing services. Icertis will use Box’s file sharing and collaboration tools to extent the value of its contract management solutions by allowing contract authors and reviewers to share drafts, read proposed changes, and settle upon a mutually acceptable contract draft that they can then execute digitally.