Increasingly hotels and hotel corporations are relying on software to make their sales and operations more efficient. Although relatively unknown, SiteMinder is a Software as a Service company that has processed more than 105 million bookings for more than 35,000 hotels in 2019 alone.
The Sydney-headquartered company recently announced it took in additional capital from major institutional global investors including funds managed by Blackrock. The company's valuation exceeds $1.0 billion making it a 'Unicorn'. It generates over $100 million in annual recurring revenue
Company founder and Chairman Mike Ford commented, "With ever-increasing complexities online amid rising consumer choice, SiteMinder fills a necessary void for hoteliers everywhere," further adding, "We are delighted to have such a wealth of expertise and experience among our shareholders, to walk the exciting path forward with us."
Meanwhile company CEO Sankar Narayan provided his thoughts, "As the global landscape for hotel technology becomes increasingly fragmented, and remains largely unpenetrated with connected technology, we couldn't be more thrilled with the quality of new partners we have gained to further cement our position as the global market leader, now and into the future."
Investor and board member David Yuan of private fund TCV based his investment decision on deep study of the online bookings space, "The shift in consumer engagement is changing the structure of online travel," he continued, "We wanted to find a technology provider that could power a better consumer experience and empower hoteliers to benefit from this shift. We searched globally and found the best - SiteMinder in Australia."
