With the B2B Software-as-a-Service market booming, Coupa emerged as the industry’s latest unicorn following an $80 million funding round last month. The company offers cloud-based spend management tools for businesses and recently updated its software offerings to provide expense management and cash flow insight for both mobile and desktop platforms.
The company’s next move, revealed Monday (July 6), is another big step in transforming how B2B companies manage payments and spending. Coupa Software announced the acquisition of Australia’s InvoiceSmash, a firm that offers e-invoicing and accounts payable solutions on the cloud.
The acquisition adds InvoiceSmash’s ability to convert emailed invoices sent from suppliers into the digital format necessary to adequately implement into a B2B buyer’s accounts payable system.
“Our acquisition of InvoiceSmash is a huge step forward for the industry,” said Coupa CEO Rob Bernshteyn. “The InvoiceSmash technology will help businesses large and small transact faster and easier than ever before with significantly less manual intervention.”
InvoiceSmash’s automated invoicing services will be absorbed by Coupa’s existing cloud-based spend management platform, the companies said.
“When we created InvoiceSmash we set out to transform how buyers handled their suppliers’ invoices,” InvoiceSmash founder Mark Burch said in a statement. “Core to our business model was the idea of allowing buyers and suppliers to do e-invoicing without needing system and process changes.”
He added that simplifying the invoice formatting and processing method leads to higher adoption rates.
Coupa will reportedly offer further services from the InvoiceSmash suite to select business customers by the end of the year, while the two businesses will continue to collaborate on B2B commerce innovation, including in AP automation and e-invoicing.
The financial terms of the buyout were not disclosed.