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Technology Round-Up – July 6, 2017

Ardent Partners’ Technology Round-Up returns today with another 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 Releases First Quarter Financial Performance Results

Coupa Software, the California-based provider of cloud-based spend management solutions, recently announced first quarter financial performance results for fiscal year 2018. In general, Coupa reported revenues of $41.1 million, which grew by 41% compared to 1Q FY2017. Coupa attributed this growth to a 40.6% and 43.6% growth in subscription and professional services, respectively ($35.7 million and $5.5 million). GAAP losses were $10.4 million, compared to $12.1 million for 1Q FY2017, with very similar net losses. The company also reported that its customer/user base grew, with recent customer wins including ScotiaBank, Emirates Flight Services, and Lagunitas Brewing Company. As a corollary, Coupa also reported an increase in billings ($166.9 million), up 31.3% compared to 1Q FY2017. These strong performance results follow a busy first half of the year for Coupa, which acquired Trade Extensions and announced the release of R18.

Determine Announces Fourth Quarter and Fiscal Year 2017 Financial Performance Results

Determine, Inc. (NASDAQ: DTRM), the Indiana-based provider of contract management and source-to-settle solutions for the cloud, recently announced financial results for the fourth quarter and full Fiscal Year 2017. Overall, and metric by metric, Determine seems to have had a better year in 2017 than in 2016. Highlights from Q4 2017 and the full Fiscal Year include:

  • $7.535 million in revenue, up 12.8% from Q4 2016; $27.463 million in full-year revenue, up 2.6% from 2016
  • $5.628 million in recurring revenue, up 13% from Q4 2016; $20.895 million in full-year recurring revenue, up 0.2% from 2016
  • $1.907 million in non-recurring revenue, up 12.2% from Q4 2016; $6.568 million in full-year non-recurring revenue, up 11% from 2016
  • $3.973 million in gross profits, up 20.5% from Q4 2016; $13.838 million in full-year gross profits, up 0.3% from 2016
  • $277 thousand in non-recurring gross profits, up 74.2% from Q4 2016; a loss of $40 thousand in full-year, non-recurring gross profits, down 80.6% from 2016
  • $1.708 million GAAP net loss, down 64.5% from Q4 2016; a full-year net loss of $81 thousand – $53 thousand less than 2016

Thoma Bravo to Acquire Risk Management Solution Provider, Riskonnect

Last month, Thoma Bravo, a private equity firm located in Chicago and San Francisco, announced that it has entered into a formal agreement to purchase Riskonnect, an integrated risk management platform solution provider, for an undisclosed sum. The deal will inject capital into the company allowing it to expand its footprint in the risk management solutions market while enabling Riskonnect’s co-founder and CEO Bob Morrell to transition to the company’s Board of Directors, and Jim Foster, the company’s President and COO, to become CEO. They, along with an undisclosed third founding partner, will retain a minority stake in the company. The deal is expected to close by the end of the second quarter. Founded in 2007, Riskonnect provides customers with holistic risk data and information (for governance, risk management, and compliance efforts) along with mitigation options.

Bonfire Raises $11 million for Innovative Product Development

Very recently, Canada-based Bonfire, which provides sourcing enablement platforms for public and private sector sourcing and procurement teams, informed Ardent Partners that it has received a combined $11 million in financing to explore and develop innovative business solutions, like predictive analytics, and expand its sales and marketing teams. Bonfire received its latest round of funding from global investment firm, Battery Ventures, following an $8 million Series A investment and a $3 million seed funding. Bonfire automates many tactical sourcing and procurement processes, like building RFPs, conducting reverse auctions, and comparing bids. They have a customer roster of roughly 170 clients and help them manage more than $12 billion in annual spend.

Jabil Launches InControl – Intelligent Decision Support for Supply Chain

Some exciting news out of Jabil, the Florida-based provider of supply chain, manufacturing, and engineering solutions: they have gone to market with an intelligent decision support tool dubbed InControl, which was designed “for and by supply chain practitioners.” Jabil company officials briefed us last month on the release of InControl and we were intrigued by its newest offering. According to company officials, InControl is a cloud-based, multi-tenant system featuring advanced analytics and machine learning that was built to provide users with real-time intelligence from across the enterprise – transportation, supply chain, sales and operations planning, as well as ERP, financial, and MRP systems. It ingests internal and external data, both structured and unstructured, to provide data-driven insights to supply management professionals, like inventory data, weather, and geopolitical conditions.

InControl was built upon an application suite, which in itself was built upon Jabil’s cloud platform. InControl features five applications meant to serve practitioners in distinct ways: 1) Supply Chain Visibility, which provides users with real-time alerting and reporting on orders, compliance, event risk, financial performance, and even problem resolution; 2) Event Risk, which provides end users with instant alerting and analysis on unforeseen events, along with recovery options; 3) Design for Supply Chain, which helps end users thoughtfully and carefully design new products in order to avoid sourcing high-risk component categories; 4) Risk Management, which dynamically scores risks according to factors like component availability, complexity, and delivery; and 5) Supply Chain Diagnostics, which provides insights across the supply and demand chain to enhance component sourcing and supplier collaboration; it even performs root-cause analysis of missed performance metrics.

Exari Acquires Adsensa, Introduces Contract Data Discovery and Analytics

Exari, a Boston-based provider of cloud-based contract management solutions, announced that it has acquired Adsensa, a UK-based contract data discovery and analytics solutions provider, in an effort to build out this side of its contract management platform. Adsensa has been providing enterprises in the energy, financial services, and insurance industries with contract data discovery, capture, and analytics solutions. Now, it will integrate its solutions with Exari’s platform and provide end users with more capability to understand their contracts from cradle to grave, including legacy, new, and third-party (supplier) contracts. Together, Exari and Adsensa will be able to cross sell to more than 250 customers between the two companies and work to further develop contract data extraction and analytic tools.

BitSight and ElevenPaths Partner to Drive Supply Chain Risk Insight

In a bit of local news, Cambridge, MA-based BitSight, which provides cyber security ratings services for enterprises, and ElevenPaths, a cyber security solution provider, announced that they have partnered to increase supply chain cyber security intelligence and risk management capability for Telefonica, ElevenPath’s cyber security brand. ElevenPaths will incorporate BitSight’s Security Ratings Platform within its own platform, CyberThreats, to provide Telefonica customers with an enhanced cyber security risk intelligence, analysis, and management system for its supply chain. BitSight will apply its algorithms to ElevenPath’s security incident data, as well as external incident data, to continuously measure the cyber security risks and threats that each member of its supply chain faces. CyberThreats will present users with cyber security performance ratings for individual members of its supply chain, incident/threat specific analysis, and big-picture/contextualized supply chain cyber security risk assessments.

Post Script: We recently published Andrew Bartolini’s twelfth annual CPO-themed report, CPO Rising 2017: Tools of the Trade. You can download the full report by clicking here (registration required).

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