An open hotel trading platform, Siteminder revealed a pre-IPO round of more than A $ 100 million in mid-September, consisting of both primary and secondary capital.
The company says this represents an evolution of its shareholder base with Fidelity International, a leading investment and asset management firm that has joined the registry.
Existing shareholders include AustralianSuper, equity funds managed by BlackRock, Ellerston Capital, Pendal Group and Washington H. Soul Pattinson also participated in the pre-IPO funding round.
The first SiteMinder investors to jump the cycle included Bailador Technology Investments, Les Szekely of Equity Venture Partners and TCV, although a spokesperson said they remained supporters and shareholders of the company.
Despite the pandemic, in FY2021, SiteMinder maintained revenues of over A $ 100 million, saw a 40% increase in the number of customers using its payments and other transaction-based products, and maintained its drop in revenue to less than 6% in constant currency terms.
SiteMinder’s valuation remains at over A $ 1 billion based on this latest round of pre-IPO funding. Her valuation after a round of findings closed in January 2020 was $ 1.1 billion, and while she did not disclose the current valuation, she at least appears to have held up.
Sankar Narayan, CEO of SiteMinder, said the company’s shareholders have not wavered in the past 18 months. “We thank all of our shareholders for their continued confidence as we continue to perform in a changing industrial context. “
The company continued to innovate during the travel crisis with initiatives such as:
- The growth of its hotel metasearch and payment programs – Demand Plus and SiteMinder Pay – through the additions of trivago in May 2021 and the ability of hotels to process guest payments from the SiteMinder platform. He claimed that Demand Plus and SiteMinder Pay have experienced higher adoption rates than all of SiteMinder’s other offerings over the past year.
- Testing a new digital acquisition strategy for small hotel operators, to complement SiteMinder’s existing go-to-market models.
- The May 2021 launch of SiteMinder Multi-Property, a product designed to simplify distribution complexity for hotel chains and groups.
- The introduction of the SiteMinder Partner Program in November 2020, which recently signed its 500th member and has brought the total SiteMinder ecosystem to over 1300 partners worldwide.
- The April 2020 launch of the World Hotel Index, a publicly accessible tool that retrieves data from hotels and the 400 hotel reservation channels around the world connected to SiteMinder, to allow hoteliers to see trends in their countries and regions .
According to Narayan, “We have maintained high levels of engagement with customers and partners to deliver consistently strong business performance and demonstrate SiteMinder’s resilience in these challenging industry conditions. “
“After joining SiteMinder’s fundraiser of over A $ 100 million in January 2020, at a time when we could not have foreseen the events to come, what we saw is that SiteMinder is doing demonstrating tremendous agility, resilience and innovation, especially in terms of their clients’ needs and partners have rapidly changed, ”said George Batsakis, Senior Portfolio Manager at AustralianSuper.
“The unprecedented impacts of the past 18 months have proven the importance of easy-to-use technology platforms for hotels, and we are delighted to increase our support for SiteMinder as the company continues to provide these much-needed services to support its businesses. clients. . “