Contractually has been acquired by Coupa Software.
The Vancouver-based cloud startup was bought by Coupa for an undisclosed sum.
The acquisition will allow Coupa to advance its position in business-to-business commerce by further reducing the need for contract authoring and signature processes, improving efficiency and recucing human error.
“Coupa’s acquisition of Contractually seems likely to disrupt the contract lifecycle management market by leveraging the power of real-time document collaboration to leapfrog legacy applications and solve age old contract authoring related problems,” said Christine Dover, research vice president of Enterprise Application and Digital Commerce at IDC. “The enterprise application market continues to grow by the day, and Coupa is expected to benefit from this growth.”
Despite how critical contracts are for business continuity and the major shifts in how business today is conducted, outdated processes are still being used to manage companies’ most important documents. With the addition of Contractually, Coupa will transform the antiquated contract processes to the digital world with a modern application focused on collaboration technology.
“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. “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.”
“Coupa started in 2006 with a clear vision of unified spend management, and we’ve followed it through with steady execution,” said David Williams, vice president of technology at Coupa. “The Contractually acquisition is another building block that will be carefully applied to our unified suite.”
Contractually launched in 2010 and raised angel capital from Full Stack in 2013.