The provider of global Spend Management cloud solutions, Ivalua, has confirmed it has raised $60mn in growth equity funding as it seeks to further expand its growth.
Having recently announced it is on track to achieve over $100mn in annual revenue during 2019, Ivalua is valued at a ‘unicorn’ level of more than $1bn following the capital raise.
The investors of this round include Tiger Global Management, which is a new investor in Ivalua, as well as one of the company’s early investors who boosted its overall investment level, Ardian Growth. As a result, Tiger Global Management joins Ivalua’s founders, KKR and Ardian Growth, as shareholders.
With spend management software becoming a more prominent tool for businesses as profitability is increased through streamlining the procurement process, enhancing collaboration with suppliers as well as optimising cash flow. Priced at over $20bn and continuing to develop rapidly as one of the most dynamic segments of the software-as-a-service (SaaS) market, the spend management market has experienced a surge in interest.
David Khuat-Duy, CEO and founder of Ivalua, commented: “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.”
As the procurement empowerment platform, Ivalua’s Source-to-Pay suite is utilised by more than 300 leading companies worldwide as it manages its $500bn in direct and indirect spend.