Ivalua Partners with KPMG to Enhance Source-to-Pay Capabilities
On December 6, Ivalua, a California-based provider of spend management solutions for the cloud, announced that it has partnered with KPMG, the Amsterdam-based auditing and management consulting firm, in a joint effort to provide enhanced source-to-pay capabilities to procurement departments. As partners, Ivalua will align its cloud-based spend management solutions with KPMG’s procurement process, implementation, and change management capabilities to offer procurement practitioners with the right blend of process and technology to drive transformation. The alignment is also aimed at helping customers cut costs, increase savings and compliance, avoid/mitigate more risk, and institute a more agile, innovative workforce.
Coupa Announces Financial Results for 3Q 2017
On December 5, Coupa (Nasdaq: Coup), the California-based provider of spend management solutions for the cloud, announced third quarter results for the fiscal year 2017. Coupa executives lauded their strong performance over the past year, and their ability to save customers billions of dollars, as primary drivers of increased year-over-year figures. Highlights from the reporting include:
- $35.4 million in total revenue, or a growth of 55% compared to 3Q 2016
- $30.8 million subscription-based revenue, or a growth of 48% compared to 3Q 2016
- $5.5 million in GAAP operational losses, compared to $9.4 million in operational losses in 3Q 2016
- $6.7 million in GAAP net losses, compared to $9.5 million in net losses in 3Q 2016
- $220 million in cash and cash equivalents; $73 million in deferred revenue for 3Q 2016
- $10.5 million in cash flow from operating activities from January 1, 2016 to October 31, 2016
ScoutRFP Releases Two New Sourcing Applications
On December 6, ScoutRFP, the San Francisco-based provider of cloud-based strategic sourcing tools, announced the release of two new sourcing applications – Intake and Pipeline, tools that are meant to work and harmonize with each other. Intake is a project request sourcing tool that allows line-of-business users to centralize sourcing requests from across the enterprise, while Pipeline is a project resource tool that provides enterprise-wide visibility into active sourcing projects. Together, the tools can facilitate greater cross-departmental collaboration by giving sourcing and procurement teams an enterprise-wide view in new and existing sourcing opportunities, and allow them to get engaged sooner in the sourcing process when they can deliver the most value to stakeholders.
SAP Fieldglass “Flexes” its Muscles on Complex Category Management
On December 16, SAP Fieldglass, the Chicago-based provided of cloud-based complex spend management solutions, announced the release of a new solution tailor-made for mid-market organizations, Flex. SAP bills Flex as a cloud-based, turn-key contingent workforce management (CWM) solution that will enable small-to-mid-sized businesses (SMBs) to source, hire, and manage contingent workers and achieve greater visibility over this portion of the workforce. Flex can also enable managers to onboard and offboard contingent workers, conduct performance reporting and benchmarking, drive compliance, and manage billing and invoicing.
EcoVadis Prepares to Surge on Supply Chain Sustainability Ratings
On December 14, EcoVadis, the Paris-based provider of supply chain sustainability and ethical sourcing rating services for global supply chains, announced that it has secured €38 million in capital from Partech Ventures as part of a surge effort to increase services to its growing body of international clients. The funding will help EcoVadis scale up its corporate social responsibility (CSR), ethical sourcing, and sustainability rating tools, increase their reporting fidelity, and support EcoVadis’s research and development efforts to improve its platform. The funding boost comes as the company has experienced significant growth since its establishment in 2007. EcoVadis now employs 320 personnel, services over 30,000 customers in more than 150 companies across 110 countries, and rates supply chains totaling more than $1 trillion in annual procurement spend.