Coupa “Inspires” at INSPIRE 2015
Earlier this month, Coupa, the California-based spend and supply management solution provider, held its annual INSPIRE user conference in San Francisco. Ardent Partners’ analyst team was there, and we caught the kickoff address by Coupa’s CEO, Rob Bernshteyn. The first thing that Bernshteyn addressed was the changing nature of business, and that globalization was happening at a faster rate and impacting us all. Still, companies only manage 50% of their spend, an inexplicable finding given how far and how fast enterprises conduct businesses today. They need to be agile, Bernshteyn said, and they need to employ solutions that have strong, easy user interface. To catch all of Bernshteyn’s presentation, click here (note: presentation begins at 23:35).
Coupa Announces Enhancements to its Open Business Network
In other Coupa news, the spend management solution provider on May 6 announced that it has made enhancements to its Open Business Network, and still offers this service to subscribers at no cost. Enhancements to the network include flexible supplier connection options, easier supplier onboarding, easier integration with Coupa’s cloud-based spend management solution, greater compatibility with mobile devices, and a few other supplier-side features for easier supplier onboarding. Now, enterprises of all sizes can connect to the network and conduct B2B transactions with minimal setup and faster onboarding – from upstream sourcing and procurement activities to downstream transactional duties.
Patrick Stakenas Named CEO of Selectica
On June 3, the Board of Directors at Selectica, the California-based spend and contract management solution provider, named Patrick Stakenas as its newest CEO and Director. Stakenas, who became Selectica’s Chief Strategy Officer in January 2014, takes over for Blaine Mathieu as CEO. Stakenas’ promotion marks a high-point of his tenure at Selectica, which includes the acquisition of Iasta, and the likely acqusition of b-pack. Stakenas came to Selectica from Gartner where he was an industry analyst covering and evangelizing the contract management solution space. Stakenas was previously President and CEO of ForceLogix Technologies, and has had VP-level positions at many other companies in his 30 year career. We congratulate Patrick and wish him all the best.
Kinaxis Reports First Quarter 2015 Financial Results
On May 6, Kinaxis, the Ottawa, Canada-based provider of supply chain management and sales and operations planning management solutions, announced financial results for the first quarter of 2015. It has been a strong quarter for Kinaxis, with reported figures well above what they were in the first quarter of 2015. Highlights of the announcement include:
- Subscription revenue: $15.4 million, a 36% increase from Q1 2014
- Total revenue: $19.7 million, a 26% increase from Q1 2014
- Gross profit: $13.9 million, a 29% increase from Q1 2014
- Adjusted EBITDA: $5.6 million, a 47% increase from Q1 2014
According to Doug Colbeth, President and CEO of Kinaxis, “We’ve continued to see strong demand for our innovative supply chain management solutions, particularly in the first quarter which drove record quarterly growth in our subscription revenue base.” Indeed, based on this growth and their optimism over breaking into new market segments, Colbeith added that they expect to revise their overall subscription outlook from 25% to between 26% and 28%.
Scanmarket Hosts Annual eSourcing Summit in London
Earlier this month, Scanmarket, the Georgia-based provider of cloud-based eAuction, eRFX, spend analysis, contract management, and supplier management solutions, held its annual eSourcing summit in London. Ardent Partners was also in attendance, and we had the pleasure of hearing representatives from ISS and DONG Energy, as well as representatives from Scanmarket and our Chief Research Officer, Andrew Bartolini, speak at the summit. It was a great event, and we look forward to attending next year.
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