Ivalua, a provider of global spend management cloud solutions, today announced that it has raised $60 million in growth equity funding to further accelerate its rapid growth. This capital raise values the company at a ‘unicorn’ level of more than $1 billion.
Founded in 2000, Ivalua describes itself as a procurement empowerment platform. The company’s Source-to-Pay suite issued by more than 250 companies across the globe to manage one $500 billion in direct and indirect spending.
“The platform’s combination of ease-of- use, depth, breadth and flexibility ensures high employee and supplier adoption, rapid time to value and the ability to meet unique or evolving requirements, evidenced by the industry’s leading 98%+ retention rate.”
Ivalua reported investors in this round include Tiger Global Management, a new investor in the company, and Ardian Growth, one of Ivalua’s early investors who increased its overall investment level. The company explained that Tiger Global Management joins its founders, KKR and Ardian Growth as shareholders. Ivalua’s management retains a majority stake in the company to ensure stable, long term planning and a continued focus on customers. Speaking about the investment round, David Khuat-Duy, CEO and Founder of Ivalua, stated:
“This investment by one of the world’s leading investment funds is a further testament to Ivalua’s long term strategy and business model. This additional capital will allow us to deliver ever more value to our customers and secure future growth.”
Ivalua went on to add that the funds from the round will be used to support future investments in organic product innovation, global expansion and possibly strategic acquisitions