Spend management software company Ivalua has secured $70m in a growth equity investment from KKR.
Headquartered in Redwood City and Paris, the company counts more than 250 blue-chip clients such as Orange, Michelin and Deutsche Telekom for its software.
Ivalua aims to help customers streamline procurement processes by stopping rouge spending and managing vendors and contracts through its platform.
Company CEO and founder David Khut-Duy commented: “The Spend management software market is undergoing a huge transformation, coming out from under the shadow of better-known SaaS sectors.
“We are partnering with KKR to facilitate further investment and innovation in our suite and accelerate our pursuit of becoming the clear leader in the source-to-pay market.
“For us, KKR is the right partner because of their global network, deep expertise in procurement and technology, and experience in partnering with growth stage companies and entrepreneurs to help them achieve their global ambitions.”
As a result of the deal KKR will become a new shareholder alongside the founders and Ardian, which pumped €3m into the company in 2011.
KKR’s director Lucian Schoenefelder said: “After our successful investments in Fotolia, OVH and Captain Train, Ivalua is our fourth investment into a French technology company over the last few years, which speaks to the strength of the local technology ecosystem.
“We are incredibly excited about partnering with the founders and Ardian. KKR is very well-positioned to help Ivalua fulfill its global ambitions given our track-record of scaling European technology companies with the help of our global platform and KKR’s portfolio of more than 120 companies, many of which could benefit from Ivalua’s product.”
This article first appeared on FinTech.Global. For more deal news as well as in-depth expert perspectives, articles, data and analysis please visit www.fintech.global.
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