Ivalua, a Redwood City, California-based provider of enterprise spend management tools, today announced the closure of a $60 million growth equity round at a valuation of over $1 billion, led by new investor Tiger Global Management. The round brings the company’s total raised to just over $130 million, according to Crunchbase, and comes ahead of a year in which Ivalua expects to clear $100 million in annual revenue.

Ivalua CEO and founder David Khuat-Duy said the newfound cash will support future investments in organic product innovation, global expansion, and possibly strategic acquisitions. “This investment by one of the world’s leading investment funds is a further testament to Ivalua’s long-term strategy and business model,” he added. “This additional capital will allow us to deliver even more value to our customers and secure future growth.”

The company, which got its start in 2000, develops a cloud-based source-to-pay platform that incorporates everything from supplier management and sourcing to contract management, procurement, invoicing, strategy, and analytics. Its dashboards collate supplier information, including risk and performance, and bubble bids and contracts to the surface as they come in. They also organize spend categories in modular, drag-and-drop workflows; track invoices and savings; and pack powerful analysis tools that let project managers drill down into classifications.

Ivalua

Above: Ivalua’s cloud-based dashboard.

Image Credit: Ivalua

For indirect goods and services, for instance, Ivalua helps identify those with the best value. And for direct materials, it lets all parties involved manage product bill of materials (BOM) with advanced scoring and awarding tools that surface quality suppliers, plus a contract repository that manages renewals, prices, terminations, and more. Perhaps best of all, Ivalua’s tools integrate with enterprise resource planning systems and word processors like Microsoft Word and boast prepackaged configurations targeting a range of use cases and industries.

Ivalua says it manages over $500 billion in direct and indirect spend across Whirlpool, Michelin, and over 300 other clients. Apparently, most of them are happy campers — Ivalua claims a 98% retention rate.

“We have been supporting Ivalua since 2011, at the start of their global expansion,” said Adrian growth head Laurent Foata. “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.”

Khuat-Duy believes there’s plenty of room for expansion — he pegs the spend management sector at $20 billion — and the market’s current momentum lends credence to this claim. Two years ago, Coupa Software, which makes cloud-based software that helps companies keep track of spending, secured $133 million through an initial public offering that saw its share price more than double during the first few hours of trading.

“This additional capital will allow us to deliver even more value to our customers and secure future growth,” said Khuat-Duy.

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