REDWOOD CITY, Calif., Feb. 12, 2019 /PRNewswire/ -- Ivalua, a leading provider of global Spend Management Cloud solutions, today announced another record year. Success was driven by accelerating customer acquisition, continued industry-leading customer retention rates, geographic expansion and dynamic solution innovations. Over the last 12 months, Ivalua has delivered a significant number of rapid procurement transformations with the help of its expanding ecosystem of advisory and implementation partners
Empowering Procurement and Supply Chain Leaders Across the Globe
Growth accelerated in all regions, with overall revenue growth exceeding 50% and the company again maintaining profitability. 2019 revenue is expected to continue to grow rapidly and exceed $100M. 2018 new customers include industry leaders such as Ericsson, Strabag, the State of Ohio, Saab, Dole, Baylor Scott & White Health, Bpifrance, America Movil, Danieli, Michigan State University, Orange and over 40 other of the most admired brands.
Hundreds of the most admired companies from Europe, the U.S., Canada, the Middle East, South America and Asia are now using Ivalua's procurement empowerment platform to power their digital transformations, improving efficiency, reducing costs, managing risk and growing revenue. Customer retention once again led the industry, exceeding 98% for the 18th consecutive year. In contrast, dozens of new customers switched to Ivalua from competitors.
"Our accelerating, profitable growth and industry-leading customer retention rates are a testament to Ivalua's ability to deliver value to customers," said David Khuat-Duy, Corporate CEO of Ivalua. "The Ivalua platform uniquely empowers customers to realize rapid value and accelerate their journey to best-in-class, and beyond to build a true competitive advantage."
In 2018 Ivalua invested heavily to accelerate its already significant level of innovation, increasing R&D resources by 94%. Several major releases included a broad set of innovations to deliver more value to customers and help them thrive in today's rapidly evolving and uncertain market, featuring Brexit, new regulations and a dynamic tariff environment. Global customers benefited from enhancements such as multi-tax eInvoicing capabilities. The user experience was elevated through features such as an intuitive guided buying process. Manufacturing clients adopted capabilities that help to launch and deliver more innovative, profitable products faster and better manage associated supply risk, including robust Bill of Materials (BOM) capabilities. New forecast and order collaboration capabilities allow companies to improve collaboration between buyers and suppliers, reducing cycle times and risk of supply chain disruptions.
Recognized as a Leader by Analyst Firms
Ivalua continued to be recognized as a leader by top analyst firms. In 2018, Ivalua maintained its position as Leader for the 3rd consecutive time in Gartner's Magic Quadrant for Strategic Sourcing Application Suites and was recognized as a Value Leader across the entire Source-to-Pay process in the newly launched SpendMatters SolutionMap. Ivalua was also recognized as a Leader by Forrester Research Inc. in "The Forrester Wave™: Supplier Risk And Performance Management (SRPM) Platforms, Q1 2018."
"Industry analysts continue to validate Ivalua's strong capabilities and ability to deliver. This recognition shows that, with Ivalua, there is no need to compromise between a complete suite and best-of-breed capabilities," said Dan Amzallag, CEO of Ivalua Inc. "This and our close collaboration with customers are why we consistently achieve the industry's highest retention rates."
Growing Partner Ecosystem
Ivalua also continued to expand the depth and breadth of its global partner ecosystem to ensure continued, scalable customer success. The number of partner certified consultants and engineers more than doubled in 2018. Ivalua's ecosystem now consists of 32 partners across the globe.
Lumina Communications for Ivalua