Australia Digest: SiteMinder raises $73m in pre-IPO round, Nexon Asia buys Veridian

Sydney Opera House, Sydney, Australia. Photo: Holger Link/Unsplash

Australian hotel booking platform SiteMinder has raised an A$100 million ($73 million) pre-IPO round, while PE-backed IT services provider Nexon Asia acquired customer engagement firm Veridian solutions.

SiteMinder raises $73m in pre-IPO funding

SiteMinder, a Sydney-based open hotel commerce platform, has raised A$100 million ($73 million) in a pre-IPO funding round led by existing shareholders BlackRock and AustralianSuper.

Ellerston Capital, Pendal Group, and Washing H Soul Pattinson have also participated in the funding round along with new investor Fidelity International, according to the announcement.

SiteMinder’s valuation remains at over A$1 billion. The latest funding comes as the company has been talking about a route to an IPO since January 2020, when it secured $69 million in an investment round led by BlackRock.

The company claims to have secured revenue of around $75 million during the fiscal year for 2021, including a 40% increase in the number of customers using its payments and other transaction-based products.

“Our continued investment in expanding our product suite puts us in a strong position to benefit from the recovery in travel which we are beginning to see, particularly in the many travel markets where bookings are bouncing back to pre-pandemic levels,” said SiteMinder CEO Sankar Narayan.

EQT-backed Nexon Asia Pacific buys Veridian Solutions

Australia-based cloud and managed services provider Nexon Asia Pacific announced that it acquired Veridian Solutions, a provider of integrated customer engagement and communications solutions, for an undisclosed amount.

Nexon is backed by Swedish mid-market private equity firm EQT Partners, which in 2019 acquired a majority stake in the firm through its $800-million EQT Mid-Market Asia fund.

The acquisition of Veridian will strengthen Nexon’s customer experience management solutions and capabilities, said Nexon Asia Pacific CEO Barry Assaf.

Veridian has a strong network of staff across offices in Australia and the UK. It has developed a range of tools to manage contact centre platforms, enabling faster and accurate system configuration, advanced reporting, and integration supporting call recording, virtual hold, and workforce management.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.