If you’ve ever booked a hotel room online, there is a chance – a very strong one – that the technology that brings you and the hotel together is powered by Australian technology firm SiteMinder.
In the past few years, SiteMinder has grown from an Australian-based business to what is now a strong global presence with more than 11,000 clients worldwide. A ticker on their site shows SiteMinder has helped clients take nearly $280m in booking revenue since the start of 2014 alone.
It’s a position in the global market that has now been given a significant boost with news overnight that Silicon Valley-based venture capital firm Technology Crossover Ventures (TCV) has made a $30 million investment in SiteMinder and its hotel room aggregation platform.
In a statement, TCV said that they 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.”
TCV has a strong track record of picking winners, with $7.5 billion under management and investments in “Facebook, Expedia, Netflix, ExactTarget, HomeAway and other technology innovators”.
But perhaps the key to the investment and a steer for other Australian firms is that SiteMinder opened its US operations in 2013, which helped revenue grow by 70%.
Proving yourself in the world’s biggest market is still the Holy Grail for many Australian business, it would seem.