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 Software Releases Third Quarter 2019 Financial Results
Yesterday morning, Coupa Software (NASDAQ: COUP), the San Francisco-based provider of business spend management (BSM) solutions in the cloud, released financial performance results for the third quarter of fiscal year 2019, which ended on October 31 of this year. Rob Bernshteyn, CEO of Coupa, hailed the company’s market leadership, performance, bevy of new customer wins, and demonstrated ability to continue to drive more spend under management (nearly $1 trillion) for an expanding worldwide customer base. Highlights from Q3 2019 include:
- $67.5 million in total revenue, up 42% from Q3 2018;
- $60.6 million in subscription-based revenues, up 42% from Q3 2018;
- $9.9 million in operating losses, compared to $11.3 million in losses from Q3 2018;
- $9.6 million in net losses, compared to $11.3 million from Q3 2018;
- $4.0 million in operating cash flows and $2.6 million in free cash flows, down considerably from this time last year
Determine Announces Second Quarter 2019 Financial Results
Last month, Determine, Inc. (NASDAQ: DTRM), the Indiana-based provider of contract management and source-to-settle solutions for the cloud, announced financial results for the second quarter of Fiscal Year 2019. By nearly most measures, Determine’s year-over-year performance continues to reflect the company’s efforts to restructure streamline, and best position itself in the market. Determine CEO Patrick Stakenas sought to shed light on behind-the-scenes developments, like movements in key leadership positions and efforts to cut internal costs “opportunistically.” Highlights from Q3 2019 include:
- $5.734 million in total revenue, down 16.8% from Q3 2018
- $5.044 million in recurring revenue, down 9% from Q3 2018
- $690 thousand in non-recurring revenue, down 48.6% from Q3 2018
- $2.759 million in total gross profits, down 19.6% from Q3 2018
- $356 thousand in non-recurring gross losses, down 683.6% from Q3 2018
- $3.583 million GAAP net loss, up 34.1% from Q3 2018
Scout RFP Releases its Own Cloud-Based Contract Management Tool
Last month, Scout RFP, the San Francisco-based provider of cloud-based strategic sourcing tools, announced the release of Scout Contracts, its very own cloud-based contract management tool that enables Scout users to store and track their contracts with established suppliers. Scout Contracts manages contracts and related documents post-execution, and centralizes them in one location where users particularly sourcing teams, can link them to new/existing supplier relationships post-sourcing event. Users can reportedly see contract status, set contract renewal/expiration alerts, and request eSignatures from supplier via DocuSign’s integration. Scout Contracts is now live.
Basware Adds Predictive Analytics to its Spend Management Dashboard
In case you missed it, Basware, the Finland-based business network and P2P solutions provider, announced recently that it has added Committed Spend, a predictive spend analytics capability, to its spend management dashboard. Committed Spend will reportedly enable enterprise users to gain visibility into all forms of open spend, direct and indirect, across the enterprise — what Basware officials refer to as “absolute spend.” When integrated with the rest of the analytics features on Basware’s spend management dashboard, Committed Spend will reportedly give users the ability to see open spend in various phases, with various stakeholders, and the factors that are increasing or decreasing enterprise spend. This, in turn, will enable CFOs and CPOs to optimize cash flows, plan and forecast more accurately, and of course control costs within targeted business units.
Good kompany: Tradeshift Integrates Supplier Network Verification App
Last month, Tradeshift, the cloud-based business network headquartered in San Francisco, announced that it has integrated a supplier network verification app for the Tradeshift Network to help Tradeshift users better manage supply risk. The app was originally developed by kompany, a Vienna-based provider of real-time access to auditable commercial information, like know your customer, anti-money laundering, and enhanced due diligence. According to company officials, the app ought to enable Tradeshift users to automatically assess suppliers for compliance to cross-border regulations, to determine if they are on watch/blacklists or sanctions lists, and ultimately build trust among trading partners.
The kompany app, as offered on the Tradeshift Platform, ought to enable supplier onboarding: real-time supplier verification, auto-population and profile extension, and checks for sanctions, political exposed persons, and “adverse media checks.” It will also provide data verification in the form of: supplier master-data verification and cleansing, provision for audit-proof evidence or regulated companies, and in-depth data. Finally, the app will provide advanced supplier monitoring, including: monitoring and alerting features, and “automated checks based on defined business rules.”
Vendorly Launches Contract Management and Analytics Solution
Just last week, Luxembourg-based Vendorly, a provider of cloud-based vendor oversight solutions, announced the release of a contract management and analytics solution for finance and procurement users that ought to drive insight into enterprise contracts as well as spend. Contract Management, which is available as part of the Vendorly Platform or as a standalone Software-as-a-Service, enables users to access digital contract metadata, modify it, and set custom reminders for things like expiration or renewal dates. They can use Contract Management to drive greater visibility into supplier contracts, assess supplier compliance and performance, and manage various supplier risks (e.g., around liability/indemnification).
DHL Secures $21 million Investment for Resilience360
Last month, DHL, the Germany-based logistics and postal services company, announced that it has received $21 million in investment from Columbia Capital for its subsidiary, Resilience360. The round of investment funding is meant to boost Resilience360’s existing data analytics and enhance the platform to make it more “predictive and proscriptive” for users as they manage or ideally avoid supply risk on a global scale. Resilience360 is just one of several DHL product lines, which contribute data from across enterprises to provide a networked approach to supply chain risk management. The more data that the platform collects, the more advanced and robust the analytics tool needs to be in order to extract the most value from an event
TalentWave Deploys Independent Workforce Engagement Solution on the SAP App Center
In mid November, TalentWave, a Denver-based provider of contingent workforce management solutions, announced that it has deployed its cloud-based Independent Workforce Engagement Solutions on the SAP App Center. As a party to the SAP PartnerEdge program, which can provide companies with real-time access to more than 1,600 solutions that can extend the SAP ecosystem, TalentWave can integrate its solutions with SAP Fieldglass’s solutions. In doing so, TalentWave can contribute to an end-to-end ecosystem of non-employee talent and complex spend management capabilities, including independent contractor compliance, 1099-payment, W-2 worker management, SVverify capabilities, Health Check, and TalentBridge.
Exari Partners with MongoDB to Add Advanced Contract Analytics to its Platform
Lastly, Exari, a Boston-based provider of cloud-based contract management solutions, announced that it has partnered with MongoDB, a New York City-based document storage provider, in an effort to enhance Exari’s contract analytics capabilities across thousands of enterprise contracts. Exari can digitize its users’ paper-based contracts — specifically, by creating thousands of disparate pieces of contract data (like clauses, expiration dates, keywords, etc.) from each supplier contract and indexing them within a searchable repository. To do this, Exari requires a digital document storage solution to house all of this data. Enter MongoDB and its cloud-based platform. According to Exari officials, MongoDB’s solutions provide them with scalable, flexible, and indexible storage options that provide users with a body of contract data to analyze. For its part, Exari applies an advanced (Big Data) analytics capability that provides users with self-service contract analytics, search, and reporting capabilities, which ultimately enable them to gain greater visibility and control over their procurement and enterprise contracts.
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