Technology Crossover Ventures (TCV), a Silicon Valley-based Venture Capital firm, invests in leading travel technology provider SiteMinder, helping to accelerate further development of its category-leading technology platform and scale its global operations.
Sydney, Australia – Leading online hotel distribution and connectivity platform, SiteMinder, has raised US$30 million in funding led by Palo Alto-based Technology Crossover Ventures (TCV). SiteMinder joins Facebook, Expedia, Netflix, ExactTarget, HomeAway and other technology innovators as a TCV investment. The partnership was finalised in late December 2013, after a very successful year during which SiteMinder opened its US operations and grew its revenue very aggressively by more than 70 percent.
“We have been following SiteMinder for a number of years and have been impressed with the company’s rapid growth, which has been fuelled by market-leading product development and a strong, talented team. As a pioneer, SiteMinder’s culture of innovation is unparalleled by any other in the sector. We are excited about this partnership and look forward to working with SiteMinder in continuing its global expansion,” says David Yuan, TCV General Partner, who also sits on the boards of AppNexus, Merkle and Sitecore.
The funding will be used to secure SiteMinder’s position as a global leader in hotel distribution technology by allowing it to scale and fulfil the rapidly-rising demand for its products in the Americas, while building on its already established position in the European and Asian markets.
“With an ever-increasing number of people booking online, hotels have truly arrived at a place where SiteMinder’s technology is not just a luxury, but an absolute necessity to reach a global audience and to remain competitive. There is a relatively low penetration of our kind of technology in the global hotel market, and with TCV’s wealth of technology and investing experience, we are confident we have chosen the ideal partner to help us to capture market share rapidly,” says Mike Ford, CEO of SiteMinder.
SiteMinder will apply a portion of the funds to build on existing products, adding significant value for its 11,000+ customers, as well as developing new products aimed at satisfying the growing requirement that hotels have to extend their sales reach on the web. In 2013, SiteMinder technology facilitated in excess of US$5 billion in booking revenue for its hotel customers, close to double that of the previous year.
“The SiteMinder story is a unique one in the travel technology space, and the company’s product set and commercial mentality are disruptive and refreshing. We look forward to working with the team to help build on its track record of exceptional growth,” says Erik Blachford, TCV Venture Partner, former CEO of Expedia, and an individual investor in online travel companies including HotelTonight, Room 77, and Hipmunk, and board member at Zillow, Glassdoor, Liftopia, and Terrapass.
David Yuan, TCV General Partner, and Erik Blachford, TCV Venture Partner and former CEO of Expedia, will join the SiteMinder Board.
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Founded in 2006, SiteMinder is a leader in the online hotel distribution industry. SiteMinder offers award-winning, cloud-based distribution products – including a channel manager, booking engine, PMS/CRS integration and GDS connection tools – to help hotels increase online revenue, streamline business processes and decrease operational costs. Driven by a no-contract, commission-free business model, SiteMinder’s robust product suite and exceptional client support has made the business one of the most recognisable in the industry. SiteMinder has offices in Bangkok, Cape Town, Dallas, London and Sydney, and has more than 11,000 customers in more than 105 countries.
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage technology companies, providing funds to later-stage private and public companies. With over US$7.7 billion in capital raised, TCV has invested in over 200 technology companies over the last 18 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, Go Daddy, Genesys Software, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Sitecore, Splunk, Thinkorswim, and Zillow. TCV has 12 partners and is headquartered in Palo Alto, California with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit www.tcv.com.