On December 6, 2022, HMI Capital Management L P announced that it has sent a letter to Coupa Software Inc, highlighting the performance of the Company for the past few years and change in shareholders' value. In addition, HMI Capital Management L P commented on Company's plans to be acquired by Vista Equity Partners, stated that it would oppose any proposed deal that undervalues the Company and believes other shareholders would do the same. Further, HMI Capital Management L P added that, the Company should focus on the long-term value proposition in its evaluation of any strategic decisions including a potentially opportunistic bid which would support a sale of Coupa Software Inc over $95 per share.