Investors led by BlackRock, among which are AustralianSuper, Ellerston (through Ellerston Jaade Fund) and Pendal Group, have injected 100 million Australian dollars (62 million euros) into the ‘software’ company of SiteMinder guest recruitment software , to boost its global growth, according to a statement.
Of the total of this investment, 50 million dollars (31 million euros) correspond to a capital increase and the rest to the purchase of shares of the current partners. The company estimates that the capital increase has revalued the company at around 1.1 billion Australian dollars (682 million euros).
During 2019, SiteMinder managed 105 million reservations through its platform for more than 35,000 hotels worldwide. At the same time, the company exceeded 100 million Australian dollars (62 million euros) in annual recurring revenues, of which 80% have been generated in international markets through monthly subscriptions and new sources of transactional income.
The new capital will go to accelerated marketing strategies and an increase in research and development investments led from Sydney (Australia). Likewise, the company will bet on the growth of its workforce, which currently has more than 900 workers.
For SiteMinder’s executive director, Sankar Narayan, this is the «right time» to make the online hosting industry profitable, as it has grown 11% a year over the past 15 years and still accounts for less than 50% of all accommodation reservations.
«The global landscape of hotel technology is increasingly fragmented and remains largely foreign to connected technology, but we are excited about the quality of the new partners that we have added and that will help us strengthen our position as global market leaders, now and in the future, «he added.
On the other hand, SiteMinder’s CEO and co-founder, Mike Ford, stressed that the company «has filled a necessary void» for hoteliers around the world in a scenario where the online environment is increasingly complex and Consumers have more and more options.
For the transaction, SiteMinder has had the financial advice of UBS and the legal advice of Gilbert + Tobin.