Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P, and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable, B2B Payments, 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 First Quarter 2020 Financial Results
Earlier this month, Coupa Software (NASDAQ: COUP), the San Francisco-based provider of business spend management (BSM) solutions in the cloud, released financial performance results for the first quarter of fiscal year 2020, which ended on April 30 of this year. Rob Bernshteyn, CEO of Coupa, said that the company had achieve “record” numbers for “quarterly total revenues, subscription revenues, and calculated billings.” Moreover, he stated that Coupa now manages nearly $1.2 trillion in spend under management for its customers and is the “clear leader” in BSM. Highlights from Q1 2020 include:
- $81.3 million in total revenue, up 44% from Q1 2019;
- $73.0 million in subscription-based revenues, up 46% from Q1 2019;
- $17.8 million in operating losses, compared to $12.1 million in losses from Q1 2019;
- $20.5 million in net losses, compared to $15.5 million from Q1 2019;
- $18.8 million in operating cash flows and $16.1 million in free cash flows
Visa B2B Connect Launches Globally
Last week, Visa announced the commercial launch of the Visa B2B Connect network, which will allow financial institutions the ability to process corporate cross-border payments quickly and securely. The global launch of Visa B2B Connect will cover more than 30 global trade corridors, and Visa plans to expand to as many as 90 markets by end of 2019. Visa B2B Connect will facilitate direct bank to bank transactions, which will make payments quicker and simpler while also providing more transparency. The network’s unique digital identity feature tokenizes an organization’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the network. The payments provider, Bottomline, is one of Visa’s partners on the program, and will be bringing the platform access to its participating bank clients.
Finexio Announces Partnership with CedarCreek Systems
Earlier this week, Finexio, a Florida-based B2B payment network provider for mid-market and large enterprises, announced a new partnership with CedarCreek Systems, a provider of P2P solutions for private clubs. The partnership combines Finexio’s expertise in business-to-business supplier payments and their proprietary B2B payments network, with CedarCreek Systems’ streamlined P2P automation platform for Private Membership Social, Athletic and Golf & Country Clubs. CedarCreek Systems, which has headquarters in Florida and California, provides a multi-tenant cloud solution for eProcurement, AP Automation, Inventory Control, Recipe Management and Capital Budget Management. Through the partnership, CedarCreek customers will be able to leverage Finexio’s integrated payment solution.
Palette and CloudTrade Announce Partnership for Invoice Capture
Also this week, news broke that Palette Software has announced a partnership with CloudTrade Networks to deliver end-to-end automation for supplier generated invoices delivered into the Palette Purchase to Pay cloud platform. Palette Software is a global provider of P2P solutions based in Sweden and with North American headquarters in Chicago. CloudTrade, a London-based provider of eInvoicing services and intelligent data-capture solutions, offers an invoice capture service that reads and converts emailed invoices in PDF, XML, EDI, or other electronic format. This service is free to suppliers and helps to reduce costs, as invoices are emailed to a designated email address where CloudTrade technology extracts invoice data. Through the new partnership, the buyer receives a validated data stream together with the original invoice for automated delivery to Palette’s invoice processing module. Once invoices have been digitalized by CloudTrade, Palette uses the data for invoice processing, mobile approval workflows, and the automated matching of purchase orders, goods receipts, and contract data. This partnership will relieve labor intensive and error prone re-keying of invoice data for Palette customers without sacrificing data completeness or accuracy.
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