Online hotel distribution company SiteMinder will use a $5 million investment to build on its global presence, which already covers more than 90 countries.
SiteMinder, founded in Sydney in 2006, has secured the investment from Bailador Investment Management.
Led by managing director Mike Ford, SiteMinder is an online distribution company whose cloud-based products are used by 6,000 hotels in more than 90 countries.
Accommodation providers use the products to help increase online revenue, streamline business processes and drive down customer acquisition costs.
According to Ford, hotels are using SiteMinder’s distribution platform and commission-free booking engine software to generate more than $2 billion in reservation revenue a year.
“Hoteliers today want smarter, faster and more reliable distribution tools to link their inventory to online channels and to automate the delivery of online reservations directly into their hotel booking systems,” Ford said.
“SiteMinder is at the forefront of developing cloud-based, zero-transaction-fee technology that helps hotels boost revenue and efficiency.”
Last year, SiteMinder was named one of Australia’s fastest-growing technology companies in the Deloitte Technology Fast 50 awards for its high performance over a three-year period.
“Over the past six years, SiteMinder has invested significant capital,” Ford said in a statement.
“We now enjoy a leading market share in the Asia-Pacific region and significant traction in key international markets.”
Founded in 2010 by David Kirk and Paul Wilson, Bailador Investment Management provides expansion capital and committed board level support to tech entrepreneurs.
“The additional capital will allow us to quickly build on an already strong European presence, underpinned by the success of our London office, which we opened in 2010,” Ford said.
“We will fast-track the development of innovative product features, expand our sales and support capabilities in new and existing markets, and drive further adoption of our platform.”
The funds will assist SiteMinder in further accelerating growth in Europe, Asia and the Americas, with a focus on new products and marketing programs to build its client base.
Kirk and Wilson, who will be joining the SiteMinder board, said in a joint statement that Bailador only supports “innovative web-related companies with excellent growth prospects”.
“SiteMinder has developed a leading technology solution, as evidenced by the exceptional growth in their client base and impressive record of customer retention.” Kirk and Wilson said.
“We are confident that the additional capital will help SiteMinder establish a dominant position in this evolving market and we look forward to partnering with them.”