About a year ago, I posted a piece focused on the Gartner Procure to Pay Magic Quadrant with added valuation information (see here). Since that time:

• stock prices have gyrated
• Coupa and Tradeshift raised rounds, and
• several acquisitions were made by public companies in the space (Verian, Iasta, b-Pack, jcatalog).

In short, it seems like time to update the chart.  So here is the Gartner Procure to Pay Magic Quadrant with updated commentary on valuations.  (I used a multiple of sales as the most expedient valuation metric):

Gartner Procure to Pay Magic Quadrant

The chart suggests:

• The procure to pay space never ceases to interest investors.
• There are widespread disparities in valuation based on growth (or the lack thereof).  No big surprise there!
•  Ivalua and BirchStreet must be getting a lot of inquiries and attention.
• Determine (DTRM) is not getting a lot of love from the market.  It has now assembled a complete procure to pay solution and yet its market cap is about 0.5x sales. Since DTRM is losing money, even on a non-GAAP basis, investors are implicitly expressing concern about Determine as an ongoing concern.

Note:  this chart does not include Tradeshift, who was not a complete procure to pay player when it was issued.  Now it is.  According to CrunchBase, Tradeshift has raised $174 million.  Tradeshift has not disclosed their revenue, but I’d take a wild guess at $20 million.

Whether you a public or private investor, there are still several bets you can place in this sector–though you can see the big bets have been placed on Ariba and Coupa.