CPO Rising’s Technology Round-Up returns today with assortment of supply management technology news and updates from the past month to share with our community. If you are a sourcing, procurement, or spend management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Coupa Announces Financial Performance Results for Q1 2019
Earlier this month, Coupa Software (NASDAQ: COUP), a San Francisco-based spend management solutions provider, released financial performance results for the first quarter of fiscal year 2019, which ended on April 30 of this year. According to Rob Bernshteyn, CEO of Coupa, the company is off to a very strong start, with high year-over-year growth in subscription-based revenue, customer wins, including high-profile “blue chip” customer wins, and positive non-GAAP income and cash flows. Highlights from Q1 2019 include:
- $56.4 million in total revenue, up 37% from Q1 2018;
- $50.0 million in subscription-based revenues, up 40% from Q1 2018;
- $12.1 million in operating losses, up 11% from Q1 2018;
- $15.5 in net losses, up roughly 50% from Q1 2018;
- $12.6 million in operating cash flows and $11.5 million in free cash flows, up considerably from last year
JAGGAER Releases Enhanced Routing Optimization Tool for Transportation Industry
Also earlier this month, JAGGAER, the North Carolina-based provider of source-to-settle solutions, announced that it has gone to market with an enhanced version of its routing optimization tool, Advanced Sourcing Optimizer, geared towards the global transportation and logistics industry. The newest addition, Multi Stage Routing Optimization, was developed in consultation with Jaggaer customers and born out of a growing demand for dynamic sourcing optimization tools to match the speed, complexity, and volume of today’s supply chains. The new tool enables operators to assess multiple legs of a potential shipment, by air, land, sea, and rail, according to multiple variables, like cost, risk, service reliability, and capacity, to find the most optimal shipping plan for a product from source to delivery.
RapidRatings and SynerTrade Partner to Integrate Supplier Financial Risk Management to eProcurement
Last week, RapidRatings, a New York-based provider of financial health analytics, announced that it has partnered with SynerTrade, a fellow New York-based provider of eProcurement and P2P digital solutions in an effort to enable sourcing, procurement, and supplier management teams to gain greater visibility into their suppliers’ financial health at each stage of the process. Under the terms of the partnership, RapidRatings will integrate its Risk Management API for its Financial Health Risks (FHR) tool into SynerTrade’s Accelerate Platform, its eProcurement/P2P platform, to enable users to vet prospective and current suppliers, understand their financial risk profiles and levels, and help sourcing teams drive due diligence compliance requirements pre-award. And it can help procurement, supplier management, and risk management teams manage current or possible supplier financial risks. There was no word on when the integrated API for FHR will be available on the Accelerate Platform.
LevaData Gets a $12 Million Investment to Develop Cognitive Sourcing Platform
Also last week, LevaData, a California-based provider of cognitive or “smart” analytics technologies for procurement and sourcing, announced that it has raised $12 million in Series B financing to further develop its Cognitive Sourcing platform. It will also use this funding to break into other industry verticals, like industrial equipment and medical devices (it already is in high-tech and manufacturing), and further innovate within the engineering and data science fields. LevaData’s AI-driven platform, Leva, takes a data-driven approach to powering direct materials sourcing projects. Rajesh Kalidindi, CEO and Founder of LevaData, stated that the company’s goal is “to deliver $20 billion in verifiable value for our customers by 2022.”
DBSchenker and VeChain Partner on Blockchain-based Supplier Evaluation
Finally, DBSchenker, a Germany-based global supply chain and logistics solution provider, has partnered with Singapore-based Blockchain-as-a-Service and crypto-currency provider, VeChain, in a joint effort to build a Blockchain-based supplier evaluation platform. Using the VeChainThor platform, DBSchenker is now applying it to businesses operating in China. The platform and potentially the partnership are meant to serve as springboards for follow-on innovations between the two companies.
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