Coupa Software (COUP) - Get Report was climbing sharply on Thursday morning after announcing that retail giant Walmart (WMT) - Get Report had chosen the company to update its processes for finding and working with suppliers.
Shares of the San Mateo, Calif.-based business spend management software company jumped 10.2% to $304.31 in early trading on Thursday.
Coupa said its Business Spend Management platform (BSM) is expected to enhance the world's largest retailer's visibility into its global spend, create better efficiencies across its business and drive incremental savings in the company's end-to-end procurement process.
Walmart currently uses Coupa to enhance the sourcing of significant third-party spend in North America.
It will now begin a phased rollout to expand adoption of the Coupa BSM Platform with procurement and advanced contract lifecycle management solution.
"We are thrilled to be selected as Walmart's Business Spend Management provider to help optimize performance, visibility and control and value across their spend and contracting processes," Rob Bernshteyn, chairman and CEO at Coupa, said in a statement.
DK Singh, chief procurement officer at Walmart, said that "today, we have multiple, complex procurement systems across our business."
"Coupa's unique technology solution will help us optimize and harmonize our source-to-pay processes, providing cost savings, a simplified system and greater ease of use," Singh said.
On Monday, Coupa Software said it was acquiring supply-chain-design and -planning company Llamasoft for about $1.5 billion, its third acquisition this year.
LLamasoft was recently named to the Inc. 5000 list of the U.S.'s fastest-growing private companies, its fifth year on the list.
Coupa's platform helps businesses manage procurement, invoicing, payments, sourcing and other spending functions. The company manages more than $1.95 trillion in cumulative spending by its customers.