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Tuesday, 14 September 2021 17:13

Pre-IPO rounds keeps SiteMinder's valuation above $1B

By
SiteMinder CEO Sankar Narayan SiteMinder CEO Sankar Narayan

Hotel commerce platform provider SiteMinder's pre-IPO funding round has raised more than $100 million.

The new funding round saw Fidelity International invest in the company, along with existing shareholders AustralianSuper, equity funds managed by BlackRock, Ellerston Capital, Pendal Group, and Washington H Soul Pattinson.

Other shareholders include Bailador Technology Investments, Les Szekely of Equity Venture Partners, and TCV.

SiteMinder's valuation remains above $1 billion based on this latest round.

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"It is fantastic to welcome Fidelity International as another respected global investor to SiteMinder's already strong cast of shareholders, whose support of our business has not wavered over the past 18 months. We thank all of our shareholders for their ongoing trust as we continue to perform against an evolving industry backdrop," said SiteMinder CEO Sankar Narayan.

"We have maintained high levels of engagement with customers and partners to deliver consistently strong business performance and demonstrate SiteMinder's resilience during these difficult industry conditions. Our continued investment in expanding our product suite puts us in a strong position to benefit from the recovery in travel which we are beginning to see, particularly in the many travel markets where bookings are bouncing back to pre-pandemic levels."

AustralianSuper senior portfolio manager George Batsakis said "After joining SiteMinder's capital raise of over $100 million in January 2020, at a time where we could not have foreseen the events ahead, what we have seen is SiteMinder show tremendous agility, resilience and innovation, particularly as the needs of their customers and partners have rapidly shifted.

"The unprecedented impacts of the last 18 months have proven the importance of easy-to-use technology platforms for hotels, and we are pleased to be growing our support of SiteMinder as the company continues to provide these much-needed services to support its customers."


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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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