I have always operated on the basis of wanting to get it right versus being right. That is why I always encourage being challenged or questioned. The ultimate outcome is mutual understanding when debate is sincere and respectful.
Recently, Nico Bac asked a question that many might wonder but few would voice directly. His willingness to challenge my analysis—and my response—illustrates how productive professional discourse works.
- At 10:14 AM on Thursday, Jon W. Hansen sent the following message: “Who is TB?”
- Today, Nico Bac 🚀 sent the following messages at 3:28 AM: Sorry, Toma Bravo.
- The article is certainly interesting.
- Jon W. Hansen sent the following message at 8:33 AM, Nico,
Not sponsored by Thoma Bravo (or anyone else). Never have been, never will be. The Procurement Insights archive (2007-2025) has always been independent analysis—sometimes to my financial detriment, since I’ve been critical of vendors who could have been sponsors.
Why I think Coupa + Cirtuo could work (where most PE acquisitions fail):
The typical PE playbook destroys value:
Cut costs (reduce R&D, support, customer success)
Maximize EBITDA (short-term profit extraction)
Bundle products (force cross-sells regardless of fit)
Exit in 3-5 years (flip to next PE firm or IPO)
Result: Customers suffer, innovation stalls, satisfaction drops.
But Cirtuo acquisition is different IF (big if) they execute on behavioral readiness, not just technology integration.
Here’s what I see:
1. Cirtuo solves Coupa’s biggest weakness: Implementation complexity
Coupa’s platform is powerful but notoriously difficult to implement successfully. Why? Because it’s technology-first, not readiness-first. Organizations deploy Coupa before they’re behaviorally ready—stakeholders aren’t aligned, governance isn’t established, data quality is poor.
Cirtuo’s strength: Readiness assessment and change management methodology. If Thoma Bravo integrates Cirtuo’s readiness approach as Phase 0 before Coupa deployment, implementation success rates could climb dramatically.
2. The 80% failure rate problem (which I’ve documented for 17 years) persists because vendors sell technology without assessing organizational readiness.
If Coupa + Cirtuo positions as: “We won’t sell you Coupa until Cirtuo assesses your readiness and builds your capacity to succeed”—that would be revolutionary.
3. Customer satisfaction accelerates if:
Cirtuo’s readiness methodology reduces implementation failures
Coupa’s platform power is matched with Cirtuo’s adoption support
Thoma Bravo invests in integration (not just cost-cutting)
Big caveat: This only works if Thoma Bravo understands that cutting Cirtuo’s change management resources to boost short-term EBITDA would destroy the acquisition’s strategic value.
Most PE firms would do exactly that. Will Thoma Bravo? I don’t know. But IF they recognize that readiness-first approach is Coupa’s path to market differentiation, this could work.
Why I wrote the article:
I’ve been documenting the procurement transformation failure pattern since 2007. The root cause is always the same: technology deployed before behavioral readiness is built.
Cirtuo acquisition could be the first time a major platform vendor integrates readiness assessment as standard practice. If it works, it changes the industry.
If it doesn’t—if Thoma Bravo treats this like a typical PE consolidation play—then you’re right to be skeptical.
In summary: Not sponsored. Cautiously optimistic because Cirtuo solves Coupa’s biggest weakness (implementation complexity due to readiness gaps). But only works if Thoma Bravo invests in integration, not just cost-cutting.
What’s your take on the acquisition? You seeing something I’m missing?
Jon
- Nico Bac 🚀 sent the following messages at 10:54 AM: Thanks, very helpful!
I think this is indeed a great acquisition.
TODAY’S TAKEAWAY: How do you deal with challenges and debate?
30
Procurement Insights
Getting It Right vs. Being Right: A Conversation About Coupa, Cirtuo, and Independent Analysis
Posted on November 7, 2025
0
I have always operated on the basis of wanting to get it right versus being right. That is why I always encourage being challenged or questioned. The ultimate outcome is mutual understanding when debate is sincere and respectful.
Recently, Nico Bac asked a question that many might wonder but few would voice directly. His willingness to challenge my analysis—and my response—illustrates how productive professional discourse works.
Just came across this article:
https://procureinsights.com/2025/05/15/coupa-and-cirtuo-revenue-growth-profitability-and-implementation-success-2000-to-2025-and-beyond/Coupa and Cirtuo Revenue Growth, Profitability, and Implementation Success 2000 to 2025 (And Beyond)procureinsights.com
Not sponsored by Thoma Bravo (or anyone else). Never have been, never will be. The Procurement Insights archive (2007-2025) has always been independent analysis—sometimes to my financial detriment, since I’ve been critical of vendors who could have been sponsors.
Why I think Coupa + Cirtuo could work (where most PE acquisitions fail):
The typical PE playbook destroys value:
Cut costs (reduce R&D, support, customer success)
Maximize EBITDA (short-term profit extraction)
Bundle products (force cross-sells regardless of fit)
Exit in 3-5 years (flip to next PE firm or IPO)
Result: Customers suffer, innovation stalls, satisfaction drops.
But Cirtuo acquisition is different IF (big if) they execute on behavioral readiness, not just technology integration.
Here’s what I see:
1. Cirtuo solves Coupa’s biggest weakness: Implementation complexity
Coupa’s platform is powerful but notoriously difficult to implement successfully. Why? Because it’s technology-first, not readiness-first. Organizations deploy Coupa before they’re behaviorally ready—stakeholders aren’t aligned, governance isn’t established, data quality is poor.
Cirtuo’s strength: Readiness assessment and change management methodology. If Thoma Bravo integrates Cirtuo’s readiness approach as Phase 0 before Coupa deployment, implementation success rates could climb dramatically.
2. The 80% failure rate problem (which I’ve documented for 17 years) persists because vendors sell technology without assessing organizational readiness.
If Coupa + Cirtuo positions as: “We won’t sell you Coupa until Cirtuo assesses your readiness and builds your capacity to succeed”—that would be revolutionary.
3. Customer satisfaction accelerates if:
Cirtuo’s readiness methodology reduces implementation failures
Coupa’s platform power is matched with Cirtuo’s adoption support
Thoma Bravo invests in integration (not just cost-cutting)
Big caveat: This only works if Thoma Bravo understands that cutting Cirtuo’s change management resources to boost short-term EBITDA would destroy the acquisition’s strategic value.
Most PE firms would do exactly that. Will Thoma Bravo? I don’t know. But IF they recognize that readiness-first approach is Coupa’s path to market differentiation, this could work.
Why I wrote the article:
I’ve been documenting the procurement transformation failure pattern since 2007. The root cause is always the same: technology deployed before behavioral readiness is built.
Cirtuo acquisition could be the first time a major platform vendor integrates readiness assessment as standard practice. If it works, it changes the industry.
If it doesn’t—if Thoma Bravo treats this like a typical PE consolidation play—then you’re right to be skeptical.
In summary: Not sponsored. Cautiously optimistic because Cirtuo solves Coupa’s biggest weakness (implementation complexity due to readiness gaps). But only works if Thoma Bravo invests in integration, not just cost-cutting.
What’s your take on the acquisition? You seeing something I’m missing?
Jon
I think this is indeed a great acquisition.
TODAY’S TAKEAWAY: How do you deal with challenges and debate?
30
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