French purchasing management software provider Ivalua is one of 58 unlisted fintechs worldwide valued at over $1 billion, according to the latest report published by US firm CB Insights. The company recently closed a $60 million financing round, valuing it at $1.1 billion.
A computerized purchasing management solution
Founded by David Khuat-Duy 20 years ago, Ivalua offers a complete source-to-pay suite enabling companies to manage the entire purchasing process, from supplier relations to expense analysis. While the company currently uses Kyriba, a provider of cash management software, to enable online invoice payment, it will soon be offering its own payment solution.
Its solution, which combines ease of use, stability and integration flexibility, is used by over 300 customers worldwide. Banks and insurance companies such as BPCE, Natixis, Crédit Agricole, Macif, CNP and Generali account for almost 20% of its business. Its users are not limited to the financial industry. The startup also works with Capgemini, Thales and PSA.
Today, Ivalua is present in 17 countries and employs over 600 people. Its annual growth rate is around 40%. Profitable for several years, the startup has announced that it will have passed the $100 million sales threshold in 2019. It has to be said that the purchasing management software market, estimated at over $20 billion, is growing particularly fast. Ivalua, thanks to the advantages offered by its solution, has steadily increased its market share and taken advantage of the dynamism of this sector.
A $60 million financing round
In May 2019, the software company announced a new $60 million fundraising round, enabling it to join the club of startups valued at over $1 billion, which already includes Blablacar, Deezer, Kyriba and Doctolib. Part of the funds were raised from Tiger Global Management. The American investment fund joins its historical investors: Ardian Growth, a French investment company, and KKR. This financial contribution will enable Ivalua to accelerate its R&D activities, strengthen its international presence and seize opportunities for external growth. However, Ivalua's management will retain a majority stake to ensure the long-term continuity of its growth strategy, while maintaining customer satisfaction.
This round of financing has enabled Ivalua to raise its profile and appear in the latest Global Fintech report produced by specialist American consultancy CB Insights. The French company is one of 58 unicorns in the global fintech sector.