“Spend360 is an analytics solution that uses deep machine learning and artificial intelligence to structure and cleanse data in a format that finance and procurement can actually use. With the addition of Spend360, Coupa will help transform outdated data classification processes that rely on humans for accuracy with a modern, digitised system that uses innovative technologies to classify data more quickly and accurately. Embedding Spend360 intelligence in the Coupa platform will make it easier for businesses to reduce risks in their supplier base, grow savings opportunities, and increase efficiency and agility,” states the official press release.
Adding automated, deep learning, business spend-data classification technology to an end-to-end solution that already attracts high employee and supplier adoption, is set to make Coupa’s offering an even more powerful force in the business of driving effective business operations. Spend360 brings many years of expertise in this space to Coupa, and its team of deep analytics and algorithm development experts will join the Coupa team to continue developing “forward-thinking approaches for data classification and predictive insights.”
Our own Jason Busch had this to say: “… Coupa’s acquisition of Spend360 provides an invaluable offering to customers and partners. Tomorrow, it will drive an artificial intelligence and machine-learning capability to mine all the spend going through Coupa’s platform, guiding users to better decisions. When the dust settles from the announcement, customers will love this deal and competitors will cringe. Spend360 has quietly emerged as the gold standard for spend analysis classification and our recent analysis showed that they are the vendor to beat in that market.”
For a breakdown of Spend Matters' perspective on the transaction, please see our free-to-read analysis here.
And our Spend Matters PRO offering provides additional ongoing coverage of the acquisition. This includes: definition and analysis of spend visibility components; what the acquisition brings to Coupa; the differences between legacy approaches to spend classification versus machine learning- and artificial intelligence-driven models, and what each means for procurement practitioners. It also provides recommendations for customers and prospective customers, and an analysis of how the transaction affects the competitive landscape for spend visibility and broader procurement technology suites.
* This comes three months after its very successful IPO on the Nasdaq. Financial terms have not been disclosed.