Exhibit 99.1

Ariba Reports Results for Fourth Quarter and Fiscal Year 2008

Company Posts 78% year-over-year increase in subscription software revenue

SUNNYVALE, Calif., October 23, 2008 — Ariba, Inc. (Nasdaq: ARBA), the leading spend management solutions provider, today announced results for the fourth quarter and fiscal year ended September 30, 2008.

Quarterly Financial and Operational Highlights:

“As the global financial crisis continues, companies are facing even greater pressure to cut costs and manage working capital,” said Bob Calderoni, Chairman and CEO, Ariba. “As the leading spend management solutions provider, Ariba is well-positioned to help them, and as evidenced by our results for the fourth quarter and fiscal year 2008, we continue to execute well to maximize this opportunity. Sales of our subscription software again reached record levels and our backlog continues to grow. Together, these assets give us strength in the face of economic uncertainty.”

Results for the Fourth Quarter of Fiscal Year 2008

Revenue:

Total GAAP revenues for the fourth quarter of fiscal year 2008 were $85.5 million, as compared to $75.5 million for the fourth quarter of fiscal year 2007. Subscription and maintenance revenues for the quarter were $51.0 million, as compared to $37.5 million for the fourth quarter of fiscal year 2007. Within subscription and maintenance revenues, subscription software revenue was $32.6 million for the quarter, as compared to $18.8 million for the fourth quarter of fiscal year 2007. Services and other revenues for the quarter were $34.5 million, as compared to $38.1 million for the fourth quarter of fiscal year 2007. On a Non-GAAP basis, total revenues for the fourth quarter of fiscal year 2008 were $86.4 million with subscription software revenue at $33.5 million. The difference between GAAP and Non-GAAP is approximately $0.9 million of revenue that was not recognized due to the impact of purchase accounting on contracts acquired through the acquisition of Procuri, Inc.

Earnings Per Share:

Net loss for the fourth quarter of fiscal year 2008 was $6.1 million, or $0.08 per share, as compared to a net loss for the fourth quarter of fiscal year 2007 of $3.8 million, or $0.05 per share. In addition to the revenue that was not recognized due to the impact of purchase accounting on contracts acquired through the acquisition of Procuri, the net loss for the fourth quarter of fiscal year 2008 included charges of $1.6 million for amortization of intangible assets, $10.0 million for stock-based compensation, a $5.1 million net real estate restructuring charge primarily related to the abandonment of additional space in the Company’s Sunnyvale campus and $1.2 million for severance primarily related to reorganization of our global engineering function. Excluding these items, Non-GAAP net income was $12.7 million, or $0.15 per diluted share.

Balance Sheet and Cash:

Total cash, cash equivalents, marketable securities, and investments were $137 million at September 30, 2008, down $46 million from September 30, 2007. The primary reason for the decrease in cash was due to cash payments made for the acquisition of Procuri. Net cash flow from operations for the three months ended September 30, 2008 was $10.2 million, as compared to $6.6 million for the three months ended September 30, 2007. Accounts receivable, on a days-sales-outstanding basis, were 30 days for the fourth quarter of fiscal 2008, as compared to 38 days for the fourth quarter of fiscal 2007, and down one day from the previous quarter. Total deferred revenues were $101.9 million at September 30, 2008, up $17.9 million from September 30, 2007.

Customer Acquisition and Transactions for the Quarter:

During the quarter, 224 companies of all sizes purchased Ariba solutions to drive their spend management strategies, including: Arizona Public Service, BP Plc, Emerson Electric Co., MetLife, Inc., National Grid Transco Plc, Pfizer, Inc., and PPG Industries, Inc. The company also added 33 new customers and closed 26 transactions over $1 million, including 16 software deals over $1 million. On-demand product deals totalled 185.

More than 1,000 companies worldwide, including more than half of the companies on the Fortune 500, currently use Ariba solutions to manage their spend from sourcing and orders through invoicing and payment.

Results for the Fiscal Year 2008

Revenue:

Total GAAP revenues for fiscal year 2008 were $328.1 million, as compared to $301.7 million for fiscal year 2007. Subscription and maintenance revenues for the year were $187.2 million, as compared to $142.3 million for fiscal year 2007. Within subscription and maintenance revenues, subscription software revenue was $112.3 million for the year, as compared to $67.6 million for fiscal year 2007. Services and other revenues for the year were $140.9 million, as compared to $159.4 million for the prior year. On a Non-GAAP basis, total revenues for fiscal year 2008 were $333.1 million with subscription software revenue at $117.3 million. The difference between GAAP and Non-GAAP is approximately $5 million of revenue that was not recognized due to the impact of purchase accounting on contracts acquired through the acquisition of Procuri, Inc.

Earnings Per Share:

Net loss for fiscal year 2008 was $41.1 million, or $0.53 per share, as compared to a net loss in fiscal year 2007 of $15.0 million, or $0.21 per share. In addition to the revenue that was not recognized due to the impact of purchase accounting on contracts acquired through the acquisition of Procuri, the net loss for fiscal year 2008 included charges of $15.0 million for amortization of intangible assets, $40.9 million for stock-based compensation, $7.4 million for real-estate lease restructuring, $2.7 million of severance and a $5.9 million charge related to a legal settlement. Excluding these items, Non-GAAP net income was $35.8 million, or $0.44 per diluted share.

Conference Call Information

Ariba will hold a conference call today at 2:00 p.m. PT / 5:00 p.m. ET to discuss its results for the fourth quarter and fiscal year 2008. To join the call, please dial (877) 407-8031 in the United States and Canada, or (201) 689-8031 if calling internationally. The conference call also will be webcast live, and can be accessed on the investor relations section of the company’s website at www.ariba.com or by logging in at www.vcall.com.

A replay of the conference call will be available for two weeks by calling (877) 660-6853 in the United States and Canada or (201) 612-7415 internationally and entering account number: 286 and conference ID number: 299118.

Ariba, Inc.

Ariba, Inc. is the leading provider of on-demand spend management solutions. Our mission is to transform the way companies of all sizes, across all industries, and geographies operate by delivering software, service, and network solutions that enable them to holistically source, contract, procure, pay, manage, and analyze their spend and supplier relationships. Delivered on demand, our enterprise-class offerings empower companies to achieve control of their spend and drive continuous improvements in financial and supply chain performance. More than 1,000 companies, including more than half of the companies on the Fortune 500, use Ariba solutions to manage their spend from sourcing and orders through invoicing and payment. For more information, visit www.ariba.com

Copyright © 1996 – 2008 Ariba, Inc.

Ariba, the Ariba logo, AribaLIVE, SupplyWatch, Ariba.com, Ariba.com Network and Ariba Spend Management. Find it. Get it. Keep it. are registered trademarks of Ariba, Inc. Ariba Spend Management, Ariba. This is Spend Management, Ariba Solutions Delivery, Ariba Analysis, Ariba Buyer, Ariba Category Management, Ariba Category Procurement, Ariba Contract Compliance, Ariba Contracts, Ariba Contract Management, Ariba Contract Workbench, Ariba Data Enrichment, Ariba eForms, Ariba Invoice, Ariba Payment, Ariba Sourcing, Ariba Spend Visibility, Ariba Travel and Expense, Ariba Procure-to-Pay, Ariba Workforce, Ariba Supplier Network, Ariba Supplier Connectivity, Ariba Supplier Performance Management, Ariba Content Procurement, Ariba PunchOut, Ariba QuickSource, PO-Flip, Ariba Spend Management Knowledge Base, Ariba Ready, Ariba Supply Lines, Ariba Supply Manager, Ariba LIVE, It’s Time for Spend Management and Supplier Lifecycle Management are trademarks or service marks of Ariba, Inc. All other brand or product names may be trademarks or registered trademarks of their respective companies or organizations in the United States and/or other countries.

Ariba Safe Harbor

Safe Harbor Statement under the Private Securities Litigation Reform Act 1995: Information and announcements in this release involve Ariba’s expectations, beliefs, hopes, plans, intentions or strategies regarding the future and are forward-looking statements that involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Ariba as of the date of the release, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to Ariba’s operating and financial results to differ materially from current expectations include, but are not limited to: the impact of the credit crises on Ariba’s results of operations and financial condition; delays in development or shipment of new versions of Ariba’s products and services; lack of market acceptance of Ariba’s existing or future products or services; inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by major competitors; the ability to attract and retain qualified employees; difficulties in assimilating acquired companies, long and unpredictable sales cycles and the deferrals of anticipated orders; declining economic conditions, including the impact of a recession; inability to control costs; changes in the company’s pricing or compensation policies; significant fluctuations in our stock price; the outcome of and costs associated with pending or potential future regulatory or legal proceedings; the impact of our acquisitions, including the disruption or loss of customer, business partner, supplier or employee relationships; and the level of costs and expenses incurred by Ariba as a result of such transactions. Factors and risks associated with its business, including a number of the factors and risks described above, are discussed in Ariba’s Form 10-Q filed with the SEC on August 6, 2008.

Investor Contact:

John Duncan

Ariba, Inc.

(650) 390-1200

Investor@ariba.com

Media Contact:

Karen Master

Ariba, Inc.

(412) 297-8177

kmaster@ariba.com

Ariba, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited; in thousands)

Ariba, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited; in thousands, except per share data)

Ariba, Inc. and Subsidiaries

Cash Flows

(Unaudited; in thousands)

Non-GAAP Financial Measures

The accompanying press release dated October 23, 2008 contains non-GAAP financial measures. The following table reconciles the non-GAAP financial measures in the press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP measures include non-GAAP revenues, non-GAAP cost of revenues, gross profit, operating expenses, (loss) income from operations, net (loss) income and net (loss) income per share amounts.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, GAAP financial measures, which should be considered as the primary financial metrics for evaluating our financial performance. Significantly, non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. Instead, they are based on subjective determinations by management designed to supplement our GAAP financial measures. They are subject to a number of important limitations and should be considered only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For example, our non-GAAP financial measures have the effect of excluding a purchase accounting adjustment, costs and expenses from our operating results that should be properly considered under a system of accrual accounting. In addition, our non-GAAP financial measures differ from GAAP measures with the same names, may vary over time and may differ from non-GAAP financial measures with the same or similar names used by other companies. Accordingly, investors should exercise caution when evaluating our non-GAAP financial measures.

Despite these limitations, we believe our non-GAAP financial measures provide meaningful supplemental information about our operating results, primarily because they exclude a purchase accounting adjustment and costs and expenses that we do not believe are indicative of the ongoing operating performance of our business and our senior management. Although these items should properly be considered in our GAAP financial measures, we believe they should be excluded when evaluating our current operating performance. The non-GAAP financial measures disclosed in the accompanying press release are used by our Board of Directors and senior management to evaluate our current operating performance, are used in evaluating the performance of our senior management, and are used in our budget and planning processes. We believe that our non-GAAP financial measures are helpful to investors by facilitating comparisons of our current and prior operating results and by facilitating comparisons of our operating results with those of other software companies.

Ariba, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Operating Results

(Unaudited; in thousands, except per share data)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP operating results for the period indicated below:

Ariba, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Operating Results

(Unaudited; in thousands, except per share data)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP operating results for the period indicated below:

Discussion of Specific Items Excluded From Non-GAAP Financial Measures

Our non-GAAP financial measures include a purchase accounting adjustment related to deferred revenues and generally exclude costs and expenses for (i) amortization of intangible assets related to acquisitions, (ii) stock-based compensation and (iii) restructuring and integration. We exclude these items because we believe they are not closely related to the ongoing operating performance of our business and the performance of our senior management and are generally excluded from our budget and planning process. In addition to these reasons, we believe our non-GAAP financial measures are also helpful to investors by facilitating comparisons of our operating results over different time periods and by facilitating comparisons of our financial performance with that of other companies. In addition, except for costs and expenses related to restructuring and integration, these items are non-cash items that do not affect cash flows.

(1) Purchase accounting adjustment – deferred revenue. As announced on December 17, 2007, Ariba acquired Procuri, Inc. In accordance with the fair value provisions of EITF 01-3, Accounting in a Business Combination for Deferred Revenue of an Acquiree, acquired deferred revenue of approximately $4.5 million was recorded on the opening balance sheet, which was approximately $5.9 million lower than the historical carrying value. Although this purchase accounting requirement has no impact on the Company’s business or cash flow, it adversely impacts the Company’s reported GAAP revenue primarily for the first twelve months post- acquisition. In order to provide investors with financial information that facilitates comparison of both historical and future results, the Company has provided non-GAAP financial measures which exclude the impact of the purchase accounting adjustment. The Company believes that this non-GAAP financial adjustment is useful to investors because it allows investors to (a) evaluate the effectiveness of the methodology and information used by management in its financial and operational decision-making and (b) compare past and future reports of financial results of the Company as the revenue reduction related to acquired deferred revenue will not recur when related subscription terms are renewed in future periods.

(2) Amortization of Acquired Intangible Assets. In accordance with GAAP, we amortize intangible assets acquired in connection with acquisitions over the estimated useful lives of the assets. We exclude these amortization costs in our non-GAAP financial measures because they (i) result from prior acquisitions, rather than the ongoing operating performance of our business, and (ii) absent additional acquisitions, are expected to decline over time as the remaining carrying amounts of these assets are amortized. We believe excluding these costs helps investors compare our financial performance with that of other companies with different acquisition histories. However, as with impairment charges, we recognize that amortization costs provide a helpful measure of the financial impact and performance of prior acquisitions and consider our non-GAAP financial measures in conjunction with our GAAP financial results that include amortization costs.

(3) Stock-Based Compensation Expenses. We exclude stock-based compensation expense associated with stock options and stock granted to employees and non-executive directors in our non-GAAP financial measures. While stock-based compensation is a significant

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component of our expenses, we believe that investors wish to be able to exclude the effects of stock-based compensation expense in comparing our financial performance with that of other companies.

(4) Restructuring and integration. We recorded restructuring related to lease abandonment accruals and severance and related benefits in the three months and twelve months ended September 30, 2008. We exclude this from our non-GAAP financial measures because it is unrelated to our ongoing operations and is significantly impacted by factors outside our control. We believe excluding restructuring and integration helps investors compare our operating performance with that of other companies. We recognize, however, that restructuring and integration will impact cash flows and that we and investors should carefully consider the impact of these costs on future cash flows.

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