Ivalua, a Paris, France- and Redwood City, CA–based provider of global Spend Management cloud solutions, raised $60m in growth equity funding.
This capital raise valued the company at more than $1 billion.
Investors included Tiger Global Management and Ardian Growth.
The company intends to use the funds to make future investments in organic product innovation, global expansion and possibly strategic acquisitions.
Founded in France by David Khuat-Duy, CEO, Ivalua provides a procurement empowerment platform used by over 300 companies across the globe to manage over $500 Billion in direct and indirect spend.
The company’s cloud-based end-to-end procurement platform collects a complete digitized view of the supply chain so procurement teams can make strategic decisions, monitor risk across the supply chain in an uncertain landscape and collaborate with suppliers to promote innovation.
This year, the platform added a number of AI capabilities such as automated contract data capture and an integrated chat and voice assistant designed to help procurement teams speed up time-consuming tasks like reporting and purchasing queries so teams can focus on delivering greater value to the organisation.
The company recently announced that it is on pace to exceed $100 million in annual revenue in 2019.