Coupa acquires Israeli AI-powered workflow automation startup - Tonkean
Tonkean has raised approximately $84 million since its founding. Deal terms were not disclosed, but this represents an impressive exit for a company considered one of the most promising in the No-Code and enterprise automation space
Coupa, a cloud-based Business Spend Management giant, has announced the acquisition of Israeli startup Tonkean, which develops an AI-powered workflow automation and orchestration platform.
Deal terms were not disclosed, but this represents an impressive exit for a company considered one of the most promising in the No-Code and enterprise automation space. Tonkean has raised approximately $84 million since its founding, with its most recent funding round (Series B) in 2021 led by Accel at a valuation of $300 million. Additional investors include Foundation Capital, Lightspeed Venture Partners, Magma, SNR, and Slow Ventures.
Tonkean was founded in 2015 by Israeli entrepreneurs Sagi Eliyahu (serving as CEO) and Barak Binyamin. The company operates a development center in Israel alongside its headquarters in San Francisco.
Tonkean's platform enables large enterprises to create, manage, and automate complex workflows - such as procurement approvals, legal, and human resources — using plain language, with no coding required. The system connects more than 250 different enterprise systems, enabling employees to initiate complex procurement processes with ease, while intelligently and automatically routing tasks, approvals, and data between the organization's various tools.
Coupa was acquired in 2023 by fund Thoma Bravo for $8 billion, and the acquisition marks a significant step in its strategy to build a comprehensive artificial intelligence layer for the world of procurement and enterprise supply chain management.
According to Coupa CEO Leagh Turner, the acquisition accelerates the company's product roadmap by 18 months. Tonkean's technological capabilities will be immediately integrated into the Coupa Compose system, and some of the company's solutions will continue to be sold as add-on products alongside Coupa's existing product suite.
This is Coupa's second AI acquisition in just two weeks, following its recent announcement of the acquisition of Rossum, which specializes in AI-powered document and invoice processing. Over the past year, the company also acquired Cirtuo (for AI-based category management) and Scoutbee (for intelligent supplier discovery).
Turner, CEO of Coupa: "Without our solution, customers are forced to become their own integrators of their Agentic OS meaning managing different vendors, teams, costs, and system updates. We offer a holistic solution that brings everything together under one roof."
