Coupa Software (COUP, Financial), another acquisition, is a leader in cloud-based spend-management software that simplifies corporate procurement, invoicing, and expense management. The markets in which Coupa competes are large and well established, and the company has acquired new customers at an accelerated rate over the past several years. We like Coupa’s recurring revenue and favorable supplier pricing model. With opportunities to increase its penetration rates in the estimated $20 billion-plus expense-management market, the company, we believe, is in the early stages of growth that we expect will persist for many years.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund fourth-quarter 2019 commentary.
