Coupa Acquires Israeli AI Startup Tonkean to Boost Workflow Automation

Tonkean focuses on no-code and AI-driven workflow automation. Its platform helps large companies connect and manage different business processes more easily without heavy coding.

Tonkean had raised around $84 million since it started. Its last funding round in 2021 was led by Accel, valuing the company at about $300 million. Other investors include Foundation Capital, Lightspeed Venture Partners, Magma, SNR, and Slow Ventures.

Tonkean was started in 2015 by Israeli founders Sagi Eliyahu, who is also the CEO, and Barak Binyamin. The company has its main office in San Francisco and also runs a development center in Israel.

Tonkean’s platform helps big companies build and manage complex workflows like procurement approvals, legal work, and HR tasks without writing any code.

It uses simple, plain language so employees can easily start processes like purchasing requests. The system connects with more than 250 business tools and automatically sends tasks, approvals, and information to the right places, making work faster and smoother.

In 2023, Coupa was bought by the investment firm Thoma Bravo for around $8 billion.

This new acquisition is part of Coupa’s plan to build a strong AI system for managing procurement and supply chain operations in businesses.

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."

According to Coupa CEO Leagh Turner, this acquisition will help the company move its product plans forward by about 18 months.

Tonkean’s technology will quickly be added into Coupa’s “Compose” system. At the same time, some of Tonkean’s products will still be offered separately as extra features along with Coupa’s existing tools.

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