6 Apr 2011
eviivo Limited, the UK’s leading online reservation and property management system (PMS) provider for the independent accommodation sector, announced today that Investcorp Technology Partners (ITP), the technology private equity arm of the international investment group Investcorp, has undertaken a majority buyout of eviivo at a valuation of approximately £30 million. As a result of the transaction, Investcorp will partner with eviivo’s founders and management to substantially grow the business. Dirk Schmücking and Gilbert Kamieniecky from ITP will join eviivo’s board of directors.
With headquarters in London, UK, eviivo connects small and medium-sized accommodation businesses with online distribution channels. Its software frontdesk® handles all offline and online bookings in real time. eviivo has grown at a compounded annual growth rate of over 60% for the last few years and currently partners with more than 4,400 independent businesses in the UK.
Ian Griffin, eviivo’s Executive Chairman, said: “Since our formation in 2004, eviivo has established itself as market leader for online booking solutions to the UK’s independent accommodation sector. Together with Investcorp, we will build on these accomplishments and develop further services to ensure that our accommodation partners continue to enjoy best in class solutions to increase both yield and occupancy in this exciting sector.”
Dirk Schmücking, a partner at ITP, said: “We see substantial growth opportunities for eviivo, backing this strong team that offers a unique product in the hotel market. eviivo is in line with the continuing trend towards booking accommodation over the Internet and is well positioned to support its customers as they take advantage of business opportunities in the online world.”