Technology Crossover Ventures (TCV), aSilicon Valley basedVenture Capitalfirm,invests in leading travel technology provider SiteMinder, helping to accelerate further development of its category-leading technology platform and scale its global operations.
Palo Alto, California, USA and Sydney, Australia – January 14th, 2014– Leading online hotel distribution and connectivity platform, SiteMinder, hasraised 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. Thepartnership was finalized in late December 2013, after a very successfulyear duringwhich SiteMinder opened its US operations and grew its revenue very aggressively by more than 70%.
"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. As a pioneer, SiteMinder's culture of innovation is unparalleledby any otherin the sector. We are excited about this partnership and look forward to working with SiteMinder in continuing its global expansion," said 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 it's 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 that we have chosen the ideal partner to help us to capture market share rapidly" said Mike Ford, CEO of SiteMinder.
SiteMinder will apply a portion of the funds to build on existing products, adding significantvalue 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 clients, close to double that of the previous year.
"The SiteMinder story is a unique one in the travel technology space, andthe company's product set and commercial mentality are disruptive and refreshing. We look forward to working with the team to helpbuild on its track record of exceptionalgrowth," said Erik Blachford, TCV Venture Partner, former CEO of Expedia, and an individual investor in online travel companies including Hotel Tonight, 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 ofExpedia, will join the SiteMinder Board.
For an interview with Mike Ford, CEO of SiteMinder, please contact Jennifer Nagy, jlnpr for SiteMinder at firstname.lastname@example.org or +1.647.867.0093.
For an interview with David Yuan or Erik Blachford of TCV, please contact Shifali Erasmus-Bhagat, Kinetic.PR for TCV, at +1 650 315 7526 email@example.com.
About SiteMinder 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 recognizable 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. For more information about SiteMinder, please visit www.siteminder.com.