SiteMinder Secures $30 Million Investment

  • SiteMinder
  • 01.14.14
SiteMinder raised $30 million in funding to accelerate global growth through investments by Technology Crossover Ventures (TCV), a Silicon Valley based venture capital firm.

SiteMinder joins Facebook, Expedia, Netflix, ExactTarget, HomeAway and other technology innovators as a TCV investment. The partnership was finalized in late December 2013, after a very successful year during which SiteMinder opened its U.S. operations and grew its revenue 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 fueled by market-leading product development and a strong, talented team," said David Yuan, TCV general partner and who also sits on the boards of AppNexus, Merkle and Sitecore. "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."

The funding will be used to secure SiteMinder’s position as a global leader in hotel distribution technology by allowing it to scale and fulfill 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 it’s an absolute necessity to reach a global audience and to remain competitive," said Mike Ford, CEO of SiteMinder. "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 that we have chosen the ideal partner to help us to capture market share rapidly.”
 
SiteMinder will apply a portion of the funds to build on existing products, adding significant value for its  more than 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 $5 billion in booking revenue for its hotel clients, 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," said Erik Blachford, TCV venture partner. "We look forward to working with the team to help build on its track record of exceptional growth."

David Yuan, TCV general partner, and Erik Blachford, TCV venture partner, will join the SiteMinder Board.




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