SiteMinder Receives $5 Million Investment to Fund Global Expansion
Leading online hotel distribution switch, SiteMinder, is accelerating its global rollout, following an investment of more than $5 million by Bailador Investment Management.
The funds from Bailador, which specialises in the provision of expansion capital for information technology companies, will assist SiteMinder in further accelerating growth in Europe, Asia and the Americas, with new products and marketing programs aimed at building the online distributor’s client base of hotels that view it as critical to extend their reach on the web.
The capital raising was arranged by Sydney-based corporate advisory firm, Growth Equity Partners.
SiteMinder Managing Director Mike Ford said that since the company’s launch in 2006, SiteMinder had grown rapidly, with over 6000 hotels in 90 countries now using its distribution platform and commission-free booking engine software to generate more than $2 billion in reservation revenue a year.
“Over the past six years, SiteMinder has invested significant capital developing one of the world’s most comprehensive and popular hotel room inventory distribution platforms. We now enjoy a leading market share in the Asia Pacific region and significant traction in key international markets” Mr Ford said. “The additional capital will allow us to quickly build on an already strong European presence, underpinned by the success of our London office which we opened in 2010” he said.
“We will fast-track the development of innovative product features, expand our sales and support capabilities in new and existing markets, and drive further adoption of our platform internationally.”
Mr Ford said SiteMinder was focused on helping hotels lift revenue and improve business efficiencies through technologically advanced, low-cost distribution solutions. “Hoteliers today want smarter, faster and more reliable distribution tools to link their inventory to online channels and to automate the delivery of online reservations directly into their hotel booking systems. SiteMinder is at the forefront of developing cloud-based, zero-transaction-fee technology that helps hotels boost revenue and efficiency,” he said.
Bailador Directors David Kirk and Paul Wilson, who will be joining the SiteMinder board, said: “Bailador seeks to support successful, highly motivated and innovative web-related companies with excellent growth prospects. SiteMinder has developed a leading technology solution, as evidenced by the exceptional growth in their client base and impressive record of customer retention. We are confident that the additional capital will help SiteMinder establish a dominant position in this evolving market and we look forward to partnering with them on their exciting journey.”
SiteMinder, was last year named as one of Australia’s fastest-growing technology companies in the ‘Deloitte Technology Fast 50’ awards based on consistent and exceptional performance over a 3 year period.