Enterprise spend management technology firm Ivalua has announced $60 million in new funding, which boosts the company's valuation beyond $1 billion.
Ivalua announced its newfound unicorn status in a press release on Tuesday (May 21), noting that Tiger Global Management and Ardian Growth led the equity round. Tiger Global Management is now a shareholder of the company, though Ivalua management retains a majority stake in the firm.
The company stated that it plans to use the investment to further accelerate growth in the spend management market as it approaches $100 million in annual revenues, which it expects to achieve sometime this year. Ivalua noted it aims to invest in organic product innovation, global expansion and potential strategic acquisitions moving forward.
"This investment by one of the world's leading investment funds is a further testament to Ivalua's long-term strategy and business model," said Ivalua Chief Executive Officer and Founder David Khuat-Duy in a statement. "This additional capital will allow us to deliver ever more value to our customers and secure future growth."
In another statement, Ardian Growth Head Laurent Foata said Ardian views Ivalua as "the future leader in the large and fast-growing spend management market," which, the press release noted, is expected to see a $20 billion valuation.
In 2017, Ivalua announced a $70 million growth equity raise led by KKR.
Months prior, the company partnered with KPMG to enhance the latter's procure-to-pay offering, integrating spend management and procurement risk mitigation for corporate customers.
"This alliance will help clients deliver greater value from procurement by providing a wider view into organizational spend, reducing cost and supplier risk, and increasing compliance for existing policies and procedures," said Samir Khushalani, KPMG’s procurement and operations leader in the Americas, in a statement at the time.
The partners said they would first introduce their combined solution in Canada, followed by the launch of a French language version.