Shares of Coupa Software Inc. (COUP) soared 11.0% in premarket trading Thursday, after the business spend management software company said it was chosen to Walmart Inc. (WMT) to upgrade the retail behemoth's source-to-pay processes. Coupa is expected to enhance Walmart's visibility into its global spend, which will help improve efficiencies and help Walmart save money in the end-to-end procurement process. "We look forward to bringing the same cost-conscious mindset to their business spend activities that they employ through their omni-channel, everyday low price approach to serving millions of customers each week," said Coupa Chief Executive Rob Bernshteyn. Coupa's stock has nearly doubled (up 88.8%) year to date through Wednesday, while the S&P 500 has gained 6.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 05, 2020 08:24 ET (13:24 GMT)
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