SiteMinder hits $100M revenue milestone

May 19, 2019
Share this Post: 

SiteMinder, a relatively underground hotel booking software platform, has hit one of the biggest milestones for a high-growth tech company, with its recurring revenue hitting over $100 million.

While few people outside travel tech circles know its name, SiteMinder has a reputation as the leading player in its field globally.

The business provides the core technology that has allowed websites such as Agoda and Booking.com to boom, connecting hotels' back-end systems to those of the booking websites so all systems can be updated simultaneously regardless of whether a booking is made via the hotel or a third-party site.

SiteMinder's annual revenue run rate of $100 million is often the threshold for a company to become a unicorn (a $1 billion-plus company), a possibility when it completes its next capital raising.

Co-Founder and Managing Director Mike Ford said hitting the $100 million milestone was something many software-as-a-service (SaaS) companies never achieved.

"There's a few things that have resulted in us not being noticed as much ... in sectors like fintech there's a natural sexiness. Perhaps the broad appeal of online travel tech in the business-to-business sense isn't as hot a topic," he said.

"We're also fairly humble guys and we're a vertical-focused player. But it's important for us to take our place in the local Sydney market because we're an employer developing cutting-edge tech."

The company counts 35,000 hotels as customers across more than 160 countries, with 80 per cent of its revenue coming from offshore. It processes 87 million hotel reservations a year, equating to $38 billion worth of hotel, Airbnb or bed and breakfast stays.

Read more here

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

Miabannermay12

May 19, 2019

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Carousell Ceo 1
Singapore Marketplace Carousell Drops SPAC Talks with L Catterton

The Singapore based horizontal marketplace company Carousell has reportedly ended talks with private equity firm L Catterton about going public...

Read More
Casavo Bright Building
Italian iBuyer Casavo Expands Spanish Footprint with Seville Opening

The Italian headquartered iBuyer Casavo has announced that it is to expand its Spanish operations to Seville where it will...

Read More
Iovox Customer Using Software Editado 1
iovox Buys Out Rival CallSource's Marketplace Division

The global call tracking and analytics solutions provider iovox has announced that it has acquired the Marketplaces division of rival...

Read More
Dorrinsider Cover
Ten Questions With Farah Falconi, Founder & CEO of DoorInsider

The question of whether portals or agents should be the ones to push new immersive listings technology is one we've...

Read More

Popular News