SiteMinder secures $5.1M investment package, plots global spread
Australia-based hotel distribution switch SiteMinder is targeting international expansion with the proceeds of a AUS $5 million (US$5.1 million) investment round.
Backing SiteMinder in the round is Bailador Investment Management. The investment was coordinated by Growth Equity Partners, also based in Australia.
SiteMinder says the capital will be used to spearhead its plans to grow the business in Europe, the Americas and elsewhere in Asia.
The company currently has around 6,000 hotels in 90 countries signed up to service, a distribution platform and booking engine software.
It claims to be generating more than $2 billion in reservation revenue for clients every year.
Although the company already has an office in the UK, managing director Mike Ford says the investment will allow to accelerate its position in Europe by speeding up its product development and expand its sales team.
Bailador directors David Kirk and Paul Wilson will be joining the board at six-year-old SiteMinder.
Kevin May is editor and a co-founder of Tnooz. He was previously editor of UK-based magazine Travolution for nearly four years and web editor of Media Week UK from 2003 to 2005.
He has also worked in regional newspapers (Essex Enquirer) and started his career in journalism at the Police Gazette at New Scotland Yard in London. He has a degree in criminology and a postgraduate diploma in magazine journalism.