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    Coupa Acquires Contractually to Smooth Contract Processes

    By
    Chris Preimesberger
    -
    January 15, 2016
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      Coupa Software, which makes a cloud-based set of tools that enables users to manage enterprise spending, on Jan. 14 announced the acquisition of Contractually, a cloud service provider that adds efficiencies to the often-tedious and slow-to-move contract process. Terms of the deal were not released.

      Contractually’s IP reduces businesses’ reliance on obsolete processes or inadequate technology tools to version control or redline contracts.

      Coupa enables its users to sanction contracts for purchasing processes and for tracking and spending. The 10-year-old company is adding Vancouver, B.C.-based Contractually so it can incorporate its simplified contract-authoring platform inside its own management platform.

      The new capability will help businesses streamline the way they manage contract lifecycles, which will reduce human error and increase efficiency, Coupa said.

      “Contractually extends our unified suite of applications with a critical new set of capabilities. We look forward to bringing this exceptional new synergistic offering to our customers and market,” said Rob Bernshteyn, CEO of Coupa (pictured).

      “We made the decision to acquire Contractually primarily due to the shared vision with their team, and the innovative focus they applied to their Ruby on Rails-developed offering.”

      Contracts are a foundation for doing business and often the first step in securing long-lasting relationships among suppliers, partners and customers. Yet, despite how critical contracts are for business continuity and the major shifts in how business today is conducted, outdated processes are still being used to manage companies’ most important documents.

      For example, most contracts today require a lot of handoffs; they are authored in one application, then emailed back and forth for review and editing, signed in yet another application, and returned via email for further human processing.

      With the addition of Contractually, Coupa will transform the antiquated contract processes to the digital world with a modern app focused on collaboration technology. Benefits will include avoidance of human errors in contracts, reduction of contract risk and prevention of errors that may cause business issues.

      Since 2012, Coupa has had contract repository and alerting functionality embedded in its Spend Management suite. Since that time, customers have successfully operationalized hundreds of thousands of signed contracts using Coupa, Bernshteyn said.

      Coupa expects the additional capabilities from the Contractually technology to be made available to select customers by mid-2016.

      As part of the acquisition, the Contractually team will join Coupa to continue developing forward-thinking approaches for contract collaboration. The team will be instrumental in helping Coupa transform enterprise spend management.

      Here is a YouTube video on how Coupa works.

      For more information, go here.

      Chris Preimesberger
      https://www.eweek.com/author/cpreimesberger/
      Chris J. Preimesberger is Editor Emeritus of eWEEK. In his 16 years and more than 5,000 articles at eWEEK, he distinguished himself in reporting and analysis of the business use of new-gen IT in a variety of sectors, including cloud computing, data center systems, storage, edge systems, security and others. In February 2017 and September 2018, Chris was named among the 250 most influential business journalists in the world (https://richtopia.com/inspirational-people/top-250-business-journalists/) by Richtopia, a UK research firm that used analytics to compile the ranking. He has won several national and regional awards for his work, including a 2011 Folio Award for a profile (https://www.eweek.com/cloud/marc-benioff-trend-seer-and-business-socialist/) of Salesforce founder/CEO Marc Benioff--the only time he has entered the competition. Previously, Chris was a founding editor of both IT Manager's Journal and DevX.com and was managing editor of Software Development magazine. He has been a stringer for the Associated Press since 1983 and resides in Silicon Valley.

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