Dive Brief:

• Coupa Software filed plans to raise $75 million in an initial public offering, according to filings with the U.S. Securities and Exchange Commission. 
• Coupa sells cloud-based software to help companies manage spending. The company says it has close to 500 customer companies, including Swiss Re, Williams-Sonoma, Salesforce, Land O’Lakes, and Sanofi, and has raised around $165 million privately, according to a Fortune report. 
• The company's software is reportedly used to manage about $250 billion in corporate spending.

Dive Insight:

Coupa is the third business software company to file for an IPO this year. Twilio, a cloud communications platform that uses APIs to allow businesses to add messaging, voice and video to web and mobile applications, went public in June, and Talend, which makes open-source software that helps businesses manage, integrate and analyze their data, followed suit in July. Presidio and Dropbox are also rumored to be considering IPOs, a signal that the market for tech IPOs is picking up steam.

Coupa is small and more agile competing with industry giants such as Oracle, SAP and NetSuite in the ERP space. The company has a long way to go, as other companies have competed in the market for longer. 

SaaS solutions are also showing strong growth overall. Data released by Synergy Research found the SaaS market grew 33% year over year in Q2, with more than $11 billion in quarterly revenues. Synergy forecasts the SaaS market will "more than triple in size over the next five years." ERP SaaS solutions grew 49%, according to Synergy, making it the fastest growing of all SaaS segments.