Ivalua, a leading 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, making Ivalua one of only a handful of unicorns founded in France. Ivalua recently announced that it is on pace to exceed $100 million in annual revenue in 2019.
Investors in this round include Tiger Global Management, a new investor in Ivalua, and Ardian Growth, one of Ivalua’s early investors who increased its overall investment level. Tiger Global Management joins Ivalua’s 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.
Spend Management software has emerged as an increasingly strategic tool for businesses, boosting profitability by streamlining procurement processes, improving collaboration with suppliers and optimising cash flow. The Spend Management market is sized at more than $20 billion and continues to develop rapidly as one of the most dynamic segments of the broader software-as-a-service (SaaS) market.
Ivalua has continued to increase its market share due to the unique advantages of its platform. The depth and breadth of its fully unified suite, combined with the unique combination of rapid delivery and unmatched flexibility, allow it to support customers at every stage of their digital transformations. The flexibility allows it to rapidly and uniquely develop and launch industry-specific solutions while maintaining a single code base. Customers realise more and faster value and never outgrow the platform, which allows Ivalua to consistently boast the industry’s highest retention rate, at over 98%, while also rapidly acquiring new customers.
Ivalua has grown while maintaining profitability. The additional funding will support future investments in organic product innovation, global expansion and possibly strategic acquisitions. David Khuat-Duy, CEO and Founder of Ivalua, said, “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.”
Laurent Foata, Head of Ardian Growth added, “We have been supporting Ivalua since 2011, at the start of their global expansion. We see Ivalua as the future leader in the large and fast growing Spend Management market. I am extremely grateful to Ivalua’s founders for their long term trust, and congratulate the team for this tremendous journey in which they remain the majority shareholder.”