Contractually, a Vancouver-based cloud service provider that works on simplifying the contract process for businesses, has been acquired by California-based Coupa Software.
Coupa, which is also a cloud-based company, provides a suite of financial applications to help businesses keep track of costs. Since 2012, the company has allowed its users to operationalize contracts for purchasing processes and for tracking and spending. With the acquisition of Contractually, Coupa says it can leverage the company’s simplified contract-authoring platform within its own management platform, and users can manage contracts in Coupa the moment it is created.
“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.”
Contractually was founded by lawyer Martin Ertl in 2010, who found that the contract process was outdated: often being authored in one application, then emailed back and forth for review and editing, signed in yet another application, and returned via email for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.
“The Contractually acquisition is another building block that will be carefully applied to our unified suite. The synergy here is very clear as we will extend our existing contract repository and alerting functionality to add contract lifecycle management that starts with a collaboration document for authoring,” said David Williams, vice president of technology at Coupa.