San Mateo's Coupa Software Buys Australian Company to Boost Savings-as-a-Service Value

Coupa Software, a cloud-based invoice management platform, acquired InvoiceSmash on Monday for an undisclosed sum.

CEO Mark Burch founded the Sydney, Australia-based InvoiceSmash in 2012 as a cloud-based accounts payable and e-invoicing platform. Burch will join Coupa’s product management organization effective immediately. As part of the acquisition, the five members of the InvoiceSmash team will also join Coupa to continue developing the platform.

“Our acquisition of InvoiceSmash is a huge step forward for the industry. The InvoiceSmash technology will help businesses large and small transact faster and easier than ever before with significantly less manual intervention,” Coupa CEO Rob Bernshteyn said in a press release. “The InvoiceSmash technology will be a hugely value-added extension to our organic suite of capabilities and will drive immediate value, supporting the very essence of Coupa’s Savings-as-a-Service approach.”

San Mateo-based Coupa will use InvoiceSmash’s cloud-based technology to improve its invoicing solutions. The tech will assist with instantly converting emailed invoices from suppliers into a digital format to speed up the accounts payable process for buyers.

Coupa was founded in 2006 to build a cloud-based suite of financial applications, which provide spending management solutions to companies. The cloud application handles standard business processes like procurement, invoicing, employee expenses, budgeting and managing inventory. Clients include Sanofi, The Container Store, Pandora and Salesforce.

Coupa has raised $169 million to date, $80 million of that in a Series G round in early June on a $1 billion valuation. T. Rowe Price Associates and Iconiq Capital led that round, with participation from new investor Premji Invest and existing investors Crosslink Capital, Battery Ventures, El Dorado Ventures and Rally Ventures.

More than 1 million daily transactions occur through the Coupa application suite and more than $120 billion has passed through Coupa’s spend platform to date. The company claims it’s saved customers a combined $5 billion.

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