has been acquired by
a portfolio company of
Cascadia Capital, an investment bank serving middle-market clients globally, is pleased to announce that Tonkean (the “Company”), a leading AI-native intake and orchestration platform for enterprise internal service teams, has been acquired by Coupa, a portfolio company of Thoma Bravo and the leading cloud-native, agentic trade network for autonomous spend management.
Headquartered in Palo Alto, California and co-founded in 2015 by Sagi Eliyahu, Tonkean is recognized as the first-of-its-kind intake orchestration platform that helps enterprise teams across procurement, legal, and finance create process experiences that people actually follow. Through its 100% no-code workflow editor, library of preconfigured process templates, and 250+ native connectors, Tonkean has become the automation platform of choice for many innovative Fortune 500 companies. Tonkean was backed by leading venture investors, including Accel, Lightspeed, and Foundation Capital.
This strategic move accelerates Coupa’s ambition to power proprietary, two-sided, autonomous workflow automation across its global network of more than 3,500 buyers and 10 million suppliers, integrating advanced multi-agent orchestration and Agent-to-Agent (A2A) coordination into the Coupa platform. Tonkean represents Coupa’s fourth strategic acquisition, following Cirtuo, Scoutbee, and Rossum, in its vision to build the world’s foremost agentic trade network.
“The acquisition of Tonkean is game-changing for Coupa and the market,” said Leagh Turner, CEO of Coupa. “We couldn’t be more excited to welcome Sagi and the Tonkean team to Coupa.”
“We couldn’t have created a more powerful combination in the market than joining forces with Coupa, unlocking tremendous value to customers far and wide,” said Sagi Eliyahu, Co-Founder and CEO of Tonkean. “With our industrial-grade intake and orchestration now serving as the backbone for their industry-leading agentic trade network, we will seamlessly connect buyers, sellers, and agents in a unified way to deliver autonomous trade in a way that no other company can match.”
“Advising Tonkean on its partnership with Coupa is a landmark M&A transaction for Cascadia’s revamped technology investment banking group. We are thrilled to help deliver a great outcome for our client and advise on a highly strategic acquisition for Coupa. Tonkean + Coupa is one of the best tech M&A stories of 2026,” said Jonathan Cantwell, Head of Technology Investment Banking at Cascadia Capital.
This transaction highlights Cascadia Capital’s deep expertise in advising companies across enterprise software, AI, and workflow automation verticals and reflects the firm’s ongoing commitment to delivering outstanding outcomes for its clients.